Finance
UBS Near Settlement in Credit Suisse $1.5 Billion Tuna Bond Case
- London case set to start Monday and to run for 13 weeks
- Lender previously paid millions to resolve global probes
Mozambique alleges the Swiss bank ignored red flags and corruption of its own bankers in deals struck to fund a coastal patrol force and tuna fishing fleet.
Photographer: Fabrice Coffrini/AFP/Getty ImagesThis article is for subscribers only.
UBS Group AG is closing in on a settlement with the government of Mozambique over Credit Suisse’s role in a ship-financing scandal in the African country to resolve the case and avoid the scrutiny of a 13-week long London trial.
Credit Suisse, which was bought by UBS in June as part of a government-brokered takeover, has made an offer which is close to being accepted, according to people familiar with the situation, asking not to be identified because the negotiations are private. Should an agreement come it’ll only be with Mozambique, one of the people said.