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Swiss banking major Credit Suisse Group AG will have to shell out about $475mn to resolve an international legal saga that has been going on for many years now related to the Mozambique scandal. As per prosecutors, the bank deceived investors by hiding information related to the use of proceeds of three debt sales in 2013-2016. CS bankers received $50mn in kickbacks that were not disclosed to other members of management, part of at least $200mn in improper payments and bribes. The settlement includes:
£147.2mn ($200.6mn) to UK’s FCA
This settlement comes after CS had to freeze $10bn in supply chain funds linked to Greensill Capital and a $5.5bn hit from the collapse of Archegos Capital, reported Bloomberg.
CS’s 5.1% Perps traded steady at 102.17 yielding 4.78%.
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