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A former Credit Suisse banker has pleaded guilty in the US over handling alleged kickbacks in Mozambique’s $2bn “tuna bond” scandal.
Detelina Subeva, a former vice-president at the Swiss bank’s global financing unit, entered the guilty plea on a charge of conspiracy to help launder money before a New York court on Monday.
Ms Subeva is one of three former Credit Suisse employees whom US prosecutors have indicted over an alleged scheme to loot at least $200m from loans that the bank helped arrange in 2013 for the southern African nation, one of the world’s poorest.
The prosecutors accused the trio of working with Mozambique’s former finance minister and a representative of Privinvest, an Abu Dhabi-based shipbuilder, to siphon bribes connected to the debt. The loans imploded not long after being sold on to global investors.
Ms Subeva, 37, told the court that she had received funds from a $1m kickback that another of the trio, Andrew Pearse, allegedly received from Privinvest. The US dropped other charges against Ms Subeva.
Ms Subeva’s lawyer in London did not immediately respond to a request for comment.
The US has detained Jean Boustani, the Privinvest employee. It is also seeking to extradite Mozambique’s former finance minister Manuel Chang as well as the former bankers — Mr Pearse, 49, former head of the global financing group who went on to work with Privinvest, and Surjan Singh, 44, a former managing director at the bank. The three are fighting extradition.
Credit Suisse has said that its employees flouted due diligence rules and concealed communications from the bank.
The loans to state-owned companies were sold to investors as having helped Mozambique to create a tuna fishery and maritime security projects.
The funds raised were channelled through Privinvest, which had contracts to … Read More...