Home / Issues / Credit Suisse Mozambique "tuna bonds" coordinated resolutions (DOJ, SEC, FCA and FINMA, October 2021)
Credit Suisse Mozambique "tuna bonds" coordinated resolutions (DOJ, SEC, FCA and FINMA, October 2021)
Settledas of 31 Oct 2026United States; United Kingdom; SwitzerlandCredit Suisse Group AGCredit Suisse Securities (Europe) Limiteddraft
Current status
Confirmed fact · as of 19 Oct 2021
The corporate resolutions with DOJ, SEC, FCA and FINMA were agreed on 19 October 2021, fixing the penalties, the guilty plea of Credit Suisse Securities (Europe) Limited, the deferred prosecution agreement for the parent, and FINMA's remedial measures.
A U.S. Department of Justice, Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution (19 Oct 2021) · retrieved 31 Oct 2026 · A Swiss Financial Market Supervisory Authority (FINMA), Mozambique loans: FINMA concludes proceedings against Credit Suisse (19 Oct 2021) · retrieved 31 Oct 2026
Confirmed fact · as of 19 Oct 2021
Only the London subsidiary (Credit Suisse Securities (Europe) Limited) pleaded guilty to a criminal charge; the parent Credit Suisse Group AG received a deferred prosecution agreement and was not criminally convicted at that time. The SEC and FCA actions were civil regulatory settlements and FINMA imposed supervisory measures, not a conviction.
A U.S. Department of Justice, Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution (19 Oct 2021) · retrieved 31 Oct 2026 · A U.S. Securities and Exchange Commission, Credit Suisse to Pay Nearly $475 Million to U.S. and U.K. Authorities to Resolve Charges in Connection With Mozambican Bond Offerings (Press Release 2021-213) (19 Oct 2021) · retrieved 31 Oct 2026
Confirmed fact · as of 19 Oct 2021
The corporate resolutions are separate from the earlier individual criminal cases of three former Credit Suisse Securities (Europe) Limited bankers who had pleaded guilty before the bank resolution: Andrew Pearse (conspiracy to commit wire fraud, July 2019), Surjan Singh and Detelina Subeva (each conspiracy to commit money laundering, 2019). The entity resolutions do not establish guilt of any uncharged individual.
Civil/criminal and entity/individual distinctions preserved: individual pleas are those persons' own criminal matters, not part of the corporate settlement.
A U.S. Department of Justice, Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution (19 Oct 2021) · retrieved 31 Oct 2026
Unanswered question · as of 19 Oct 2021
Court-determined restitution to bond investors remained to be set at the time of the DOJ announcement.
A U.S. Department of Justice, Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution (19 Oct 2021) · retrieved 31 Oct 2026
Last reviewed 31 Oct 2026. An initial allegation is not the final event; this block is always shown.
How it unfolded
Issue raised · 19 Oct 2021
Proposition: That Credit Suisse, through its London subsidiary and certain bankers, defrauded investors in securities tied to Mozambican state-owned entities (including EMATUM, the "tuna bonds") by misrepresenting and omitting material facts about the use of loan proceeds, undisclosed kickbacks to bankers and bribes to Mozambican officials, and the existence and terms of Mozambique's debt; and that the bank failed to manage financial-crime risk around the loans.
Affected parties: Credit Suisse Group AG, Credit Suisse Securities (Europe) Limited, U.S. Department of Justice, U.S. Securities and Exchange Commission, Financial Conduct Authority, Swiss Financial Market Supervisory Authority (FINMA), Investors in the Mozambican bond offerings, Republic of Mozambique
Originating record: A U.S. Department of Justice, Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution (19 Oct 2021) · retrieved 31 Oct 2026
Response · Credit Suisse Group AG / Credit Suisse Securities (Europe) Limited · 19 Oct 2021
Attributed claim · as of 19 Oct 2021
Credit Suisse entered into the coordinated resolutions: Credit Suisse Group AG accepted a three-year deferred prosecution agreement with the U.S. DOJ, and its London subsidiary Credit Suisse Securities (Europe) Limited pleaded guilty to one count of conspiracy to commit wire fraud; the group settled the SEC and FCA actions (the FCA applied a 30% early-settlement discount) and agreed to the FINMA-ordered remedial measures. Credit Suisse undertook to the FCA to forgive USD 200 million of Mozambican debt. — Credit Suisse
A U.S. Department of Justice, Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution (19 Oct 2021) · retrieved 31 Oct 2026 · A Financial Conduct Authority, Credit Suisse fined £147,190,276 (US$200,664,504) and undertakes to the FCA to forgive US$200 million of Mozambican debt (19 Oct 2021) · retrieved 31 Oct 2026
Outcome · U.S. Department of Justice; U.S. Securities and Exchange Commission; UK Financial Conduct Authority; Swiss Financial Market Supervisory Authority (FINMA) · 19 Oct 2021
settlementbinding
Confirmed fact · as of 19 Oct 2021
On 19 October 2021 Credit Suisse resolved the Mozambique bond matter across four authorities. The bank entities were resolved as follows: parent Credit Suisse Group AG entered a three-year deferred prosecution agreement on a wire-fraud conspiracy charge, while London subsidiary Credit Suisse Securities (Europe) Limited pleaded guilty to conspiracy to commit wire fraud. The SEC found antifraud, internal-accounting-controls and books-and-records violations (nearly USD 100 million: over USD 34 million disgorgement and interest plus a USD 65 million penalty). The FCA fined Credit Suisse GBP 147,190,276 (USD 200,664,504) for failing to manage financial-crime risk between October 2012 and March 2016, with a 30% settlement discount, and took a USD 200 million debt-forgiveness undertaking into account. FINMA concluded that Credit Suisse 'seriously violated' organisational and anti-money-laundering reporting obligations and ordered remedial measures. DOJ assessed more than USD 547 million in penalties, fines and disgorgement; after crediting, Credit Suisse was to pay approximately USD 475 million to U.S. and UK authorities.
A U.S. Department of Justice, Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution (19 Oct 2021) · retrieved 31 Oct 2026 · A U.S. Securities and Exchange Commission, Credit Suisse to Pay Nearly $475 Million to U.S. and U.K. Authorities to Resolve Charges in Connection With Mozambican Bond Offerings (Press Release 2021-213) (19 Oct 2021) · retrieved 31 Oct 2026 · A Financial Conduct Authority, Credit Suisse fined £147,190,276 (US$200,664,504) and undertakes to the FCA to forgive US$200 million of Mozambican debt (19 Oct 2021) · retrieved 31 Oct 2026 · A Swiss Financial Market Supervisory Authority (FINMA), Mozambique loans: FINMA concludes proceedings against Credit Suisse (19 Oct 2021) · retrieved 31 Oct 2026
Remedy: DOJ: approximately USD 247.5 million penalty (approx. USD 175.5 million to the U.S. after crediting) under a DPA for the parent and a guilty plea by the London subsidiary, plus court-determined victim restitution. SEC: nearly USD 100 million (over USD 34 million disgorgement and prejudgment interest and a USD 65 million civil penalty). FCA: GBP 147,190,276 (USD 200,664,504) financial penalty plus a Credit Suisse undertaking to forgive USD 200 million of Mozambican debt. FINMA: remedial measures including Group-level escalation and documentation of high-risk lending, an independent third-party review of existing loans to financially weak or corruption-prone states, and disclosure conditions on new such loans until remediation is complete.
Appeal/review: none — The resolutions were agreed/consented; the DOJ parent resolution was a three-year deferred prosecution agreement subject to continued compliance. No appeal is recorded in the cited primary records. A U.S. Department of Justice, Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution (19 Oct 2021) · retrieved 31 Oct 2026
How to read this. Allegation, response and outcome are separate, dated records. "Decided/resolved" appears only where a cited outcome supports it. Materially affected parties can request a correction via Corrections & response.