On Wednesday October 21, Mozambique’s Attorney General’s Office announced plans to seek the extradition of three former Credit Suisse CSGN.S bankers implicated in a $2 billion debt scandal that sent the country’s economy into crisis.
This is due to the disappearance of hundreds of millions of dollars of the loans the bankers helped arrange. This prompted donors including the International Monetary Fund to cut off support to Mozambique, triggering a currency collapse and debt default.
According to Andrew Pearse, Detelina Subeva and Surjan Singh, the accused banks pleaded guilty in the United States last year to charges including conspiracy to violate U.S. anti-bribery laws, money laundering and securities fraud in relation to their role in the affair.
Representatives of the accused are yet to answer further questions, however, the Mozambique government has demanded that the trio comes to the country to face unspecified criminal charges.
Read more on: Reuters