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Credit Suisse Disputes Fees Shown in Kroll Mozambique Audit

  • Debt investigation shows $500 million in unexplained loans
  • IMF says probe necessary to start negotiating new aid program
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Credit Suisse Group AG, which helped arrange the majority of the $2 billion in Mozambique state-backed loans that plunged the country’s economy into crisis, disputed that it received more than $160 million in fees for arranging the financing.

The bank was responding to Kroll LLC’s audit report into the loans that said it and Russia’s VTB Bank PJSC were paid almost $200 million in arrangement and contractor fees. The investigation showed that Mozambican state companies failed to account for about a quarter of the proceeds of $2 billion in loans being investigated, according to the Kroll report.