UBS Still Embroiled in Mozambique Case After Swiss Opened Criminal Probe
- Swiss prosecutors opened probe into suspect payment last year
- UBS earlier settled London civil suit for Credit Suisse
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The Mozambique ship-financing scandal that rocked Credit Suisse continues to haunt UBS Group AG, after Swiss prosecutors revealed they opened a criminal probe late last year.
The Swiss Federal Court in September rejected an appeal by three unnamed bank units that sought to keep information sealed in an investigation into “persons unknown.” The probe is focused on a suspected illicit payment of $7.9 million into a Credit Suisse bank account that was sought by federal prosecutors, according to the anonymized Sept. 25 decision.