UBS Group AG reached a settlement with Mozambique over Credit Suisse’s role in a ship-financing scandal which resolves the case between the two on the eve of a London trial that was scheduled to run for 13 weeks.
The settlement between Credit Suisse and the African nation also includes most of the other lenders under the Proindicus Facility Agreement, Zurich-based UBS said in a statement Sunday. No financial details were given by the bank, which took over Credit Suisse in June.
The settlement brings to a close a case that began a decade ago when Credit Suisse first financed the construction of a new coastal patrol force and tuna fishing fleet for Mozambique. The African nation alleges the Swiss bank ignored red flags and the corruption of its own bankers in deals struck as part of $2 billion worth of bond deals.
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