Banks US regulator extends deadline for distribution of CS fines
The distribution of fines from the former major bank Credit Suisse and the Russian bank VTB in connection with the Mozambique scandal has been postponed. The US Securities and Exchange Commission (SEC) has extended the deadline for the submission of a distribution plan.
10.04.2026, 21:50
10.04.2026, 21:51
SDA
The funds totaling 105.5 million dollars were transferred to the specially created "Fair Fund" in January 2025. They were originally supposed to have been distributed to injured investors last year.
However, the distribution proved to be complex and one-off, according to an SEC order published on Friday. The securities authority has therefore agreed to extend the submission of the distribution plan until the end of July 2026.
Credit Suisse, which has since been acquired by UBS, reached a settlement with various supervisory authorities in the USA, the UK and Switzerland in October 2021 in the Mozambique loan corruption scandal. It had to pay penalties of almost 550 million dollars and also had to forgive debts of 200 million to the state of Mozambique.
The Mozambique scandal involved loans and bonds brokered by Credit Suisse to the African country amounting to more than 2 billion dollars. These were taken out without the knowledge of the local parliament and the International Monetary Fund (IMF). The money was allegedly intended to pay for the construction of a tuna fishing fleet. Large amounts of bribes were allegedly paid to corrupt officials. The scandal plunged Mozambique into a deep financial crisis.
On Friday, the Federal Criminal Court also decided to discontinue proceedings against UBS, the legal successor to Credit Suisse, for violations of money laundering regulations in the same context. It based its decision on the fact that CS had ceased to exist as a bank, was no longer entered in the commercial register and therefore no longer had any legal personality.
The proceedings were no longer about lending as such. The Financial Market Authority had already concluded the corresponding proceedings in 2021 - i.e. before the takeover of CS by UBS.
