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UBS shares fell 2.60% to CHF 31.50 following the announcement of a $105.5 million fund, known as the "Credit Suisse Fair Fund," to compensate aggrieved investors from fines imposed on Credit Suisse and VTB Capital. This fund, resulting from a settlement related to the Mozambique loan corruption scandal, will be distributed by the SEC by July 2025. Credit Suisse, now part of UBS, faced nearly $550 million in penalties and $200 million in debt forgiveness due to the scandal, which involved undisclosed loans to Mozambique that led to significant financial turmoil.
UBS will distribute approximately $105.5 million from fines imposed on Credit Suisse and VTB Capital to affected investors through the "Credit Suisse Fair Fund." This follows a settlement related to the Mozambique loan corruption scandal, where Credit Suisse faced nearly $550 million in penalties and $200 million in debt forgiveness. A distribution plan for the funds is expected by July 2025.
Fines from Credit Suisse related to the Mozambique scandal, totaling approximately $105.5 million, will be allocated to a fund managed by the US Securities and Exchange Commission (SEC) for injured parties. This "Credit Suisse Fair Fund" includes penalties and interest from both Credit Suisse and VTB Capital, with distribution plans expected by July 2025. The scandal involved over $2 billion in loans to Mozambique, leading to significant corruption and a financial crisis in the country.
The US Securities and Exchange Commission has established a fund to distribute over $105 million in penalties from Credit Suisse and VTB Capital, stemming from their involvement in the Mozambican "tuna bond" investment fraud. This initiative follows settlements reached by both lenders regarding their roles in the scheme.
The US Securities and Exchange Commission (SEC) will allocate approximately $105.5 million in fines from Credit Suisse and VTB Capital related to the Mozambique scandal into a newly established "Credit Suisse Fair Fund" for affected investors. A distribution plan for the funds is expected by July 2025. The scandal involved over $2 billion in loans and bonds brokered by Credit Suisse without proper oversight, leading to significant corruption and a financial crisis in Mozambique.
Sasol's latest operational update reveals mixed performance across divisions, with International Chemicals showing revenue growth despite volume challenges, while Mining and Gas remain stable. The company has demonstrated effective crisis management and proactive financial controls, maintaining a bullish outlook among analysts, who continue to recommend a 'buy' rating with a long-term price target of 22,650c per share. Strategic investments, such as the destoning solution at Secunda Operations, highlight Sasol's commitment to long-term operational improvements.
Société Générale is pursuing a strategic turnaround by 2026, aiming for a CET 1 ratio of 13%, a cost-to-income ratio below 60%, and a RoTE of 9-10%. Following a strong Q3 2024 performance, with net income soaring to €1.367 billion, analysts are increasingly optimistic about the bank's recovery and its ability to meet these targets. CEO Slawomir Krupa emphasizes a focus on capital build-up and profitability improvement amid ongoing restructuring efforts.
Manuel Chang, a former finance minister of Mozambique, was sentenced to 8 1/2 years in prison for his involvement in a $2 billion bond fraud that implicated Credit Suisse and led to a financial crisis in Mozambique. Having already served 72 months, he will spend an additional 30 months behind bars and must forfeit $7 million, the amount he received for guaranteeing loans tied to the scandal known as the tuna bond scandal.
Mozambique's President Filipe Nyusi has warned that ongoing protests against the disputed October 9 elections could lead to delays in civil servants' pay due to a decline in tax revenues. Fiscal receipts for November fell short of expectations as unrest, which began on October 21, continues to impact the economy.
The Mozambique Central Bank has reduced its key interest rate to the lowest level since 2020. This decision reflects the bank's ongoing efforts to stimulate economic growth amid challenging conditions. The move is expected to impact borrowing costs and overall economic activity in the country.
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Slawomir Krupa
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07:00 22.01.2025
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