This Sunday, October 1, the UBS Group reached an out-of-court settlement with Mozambique over the financing of the purchase of fishing boats by Credit Suisse, resolving the dispute on the eve of the hidden debts case going to trial in London.
The agreement also covers the remaining creditors, the Swiss group said in a statement, without giving further details on the value of the agreement.
On Saturday (30), Bloomberg reported that the UBS Group was offering up to 100 million dollars to drop the case against the bank.
“The parties have released each other from any liabilities and claims related to the transactions,” said the bank, which was bought in June by the group.
Meanwhile, the Ministry of Economy and Finance (MEF) has announced a joint press conference with the Attorney General’s Office (PGR) for today, Monday, during which it will comment on the state’s action in London against Credit Suisse.
Following this agreement, the start of the trial of the case in the British courts today in London is also uncertain due to the appeal admitted by the court on the immunity of the President of the Republic, Filipe Nyusi.
The country claims that the guarantees given for the bank loans for the purchase of maritime security ships, tuna fishing boats and other equipment should not be considered valid because they were obtained through the corruption of senior state officials.
The loans were endorsed secretly by the then Finance Minister, Manuel Chang, when Armando Guebuza was still head of state, and without Parliament’s knowledge.
The case, which was uncovered in 2016 and became known as “hidden debts”, involves contracts and loans worth more than two billion dollars from the banks Credit Suisse and VTB between 2013 and 2014.
The scandal led to the suspension of international support, including from the International Monetary Fund (IMF), which only resumed financial aid to the country years later.
Former Mozambican statesman Armando Guebuza, his eldest son Armando Ndambi Guebuza, former Finance Minister Manuel Chang and former director of the State Information and Security Services (SISE) Gregório Leão are also defendants in the case.
The country claims that the guarantees given for the bank loans for the purchase of maritime security ships, tuna fishing boats and other equipment should not be considered valid because they were obtained through the corruption of senior state officials.
The loans were endorsed secretly by the then Finance Minister, Manuel Chang, when Armando Guebuza was still head of state, and without Parliament’s knowledge.