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Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Credit Suisse pays SEC $99 million to resolve ‘Mozambique kickback’ FCPA offenses

Credit Suisse Group AG agreed Tuesday to pay the SEC $99 million to resolve violations of the internal controls and books and records provisions of the Foreign Corrupt Practices Act, as well as other securities laws.

The SEC said Credit Suisse paid kickbacks of about $50 million in connection with two bond offerings and a syndicated loan that raised funds on behalf of state-owned entities in Mozambique.

The SEC’s internal administrative order included a penalty of $65 million, disgorgement of $26.2 million and prejudgment interest of $7.8 million.

The DOJ charged Credit Suisse with a criminal count of conspiracy to commit wire fraud but not FCPA offenses. The bank agreed to pay a criminal fine of about $75 million after credit for amounts paid to the SEC and other agencies, and entered into a three-year deferred prosecution agreement.

Zurich-based Credit Suisse entered into a related settlement Tuesday with the UK’s Financial Conduct Authority. The FCA fined Credit Suisse £147 million ($202 million) “for serious financial crime due diligence failings related to loans worth over $1.3 billion, which the bank arranged for the Republic of Mozambique.”

Credit Suisse also agreed with the FCA to forgive $200 million of debt owed by Mozambique for the “tainted loans.”

In June 2018, Credit Suisse paid the DOJ a $47 million penalty to end an FCPA investigation into hiring practices in Asia.

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