The credit affair, which has been simmering for more than five years, is by no means coming to an end with the settlement that Credit Suisse concluded with authorities in the USA, Great Britain and Switzerland. Rather, it is the prelude to further demands that the big bank must adapt to.
The most valuable educational work in the Mozambique scandal has so far been done by the USA, although they have to do with the scandal only insofar as the bruised also include American investors. The US Department of Justice sanctions relate accordingly to the fact that the CS has deceived the security buyers in the Ematum loan. The requested waiver of 200 million against Mozambique also refers to this loan. On the other hand, the US Security and Exchange Commission (SEC) and the English Financial Conduct Authority (FCA) are responding to the brazen bribes in the awarding of the Proindicus loan and the grossly negligent compliance processes in the two loans by imposing hefty penalties. The company, which is not allowed to impose fines, follows CS with a firm complaint and decrees that the bank must fundamentally improve its risk management and have credit transactions with high-risk countries checked by an independent third party.
Mozambique, which requires the Bank to write off the Proindicus loan, can have justified hopes after this concerted action.
Because the loans were issued from London bank branches, the London High Court also investigates. From him the CS threatens further trouble, because with him the most complaints accumulate in the Mozambique affair:
Privinvest (Iskandar Safa) sues Mozambique and in particular its President Nyusi
The Russian bank VTB is also suing Mozambique.
The negotiations announced for August 2021 at the London High Court have been postponed to October to December 2023. The court apparently wants to wait for the development of negotiations elsewhere:
In arbitration courts in Geneva and Paris, a claim by Privinvest to Mozambique of approximately 800 million dollars is being negotiated; A monster trial against 19 Mozambican defendants has been underway in Mozambique's capital Maputo since August;
The South African Ministry of Justice has been pondering back and forth for two and a half years whether to extradite the Mozambique Finance minister of the Guebuza era to Mozambique or to the United States;
Last but not least, the Office of the Attorney General of Switzerland is also investigating Credit Suisse. A result is not yet available.
After Tuesday's bang, Credit Suisse should at least arm itself with further provisions. If Mozambique repays the loans only partially or not at all, or if it even wins the process, the creditors will hold the bank liable. It can be assumed that Mozambique will not be able to service its debt in the foreseeable future. Because the country is in the worst economic and political crisis in its history – not least as a result of the credit mess. Around two million people have fallen into absolute poverty because of a lack of development funds. Where huge offshore gas deposits were discovered in 2010, today there is war. Most foreign companies withdrew in anticipation. Natural gas production is shifting further and further into the future, and climate change is depressing gas prices. However, banks and investors were expecting booming gas exports when the ill-fated business with secret loans began nine years ago.