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Britain's financial regulator has banned former Credit Suisse executives Andrew Pearse and Surjan Singh for their roles in Mozambique's $2 billion bond fraud, following their guilty pleas to bribery and money laundering in the U.S. Pearse faces up to 151 months in prison after admitting to receiving over $45 million in bribes, while Singh accepted $5.7 million in illicit payments. The scandal, which involved state-guaranteed loans for fishing projects, led to Mozambique's financial crisis and significant international legal repercussions.
The UK Financial Conduct Authority has banned former Credit Suisse bankers Andrew Pearse and Surjan Singh from the profession after they pleaded guilty to bond fraud linked to the $2 billion Tuna Bond scandal in Mozambique. Pearse was involved in money laundering and bribes exceeding $45 million, while Singh faced similar charges totaling $5.7 million. The scandal, which aimed to finance maritime projects, resulted in significant embezzlement and unfinished projects, with Pearse facing a potential prison sentence of up to 151 months in the US.
The UK financial watchdog has banned former Credit Suisse bankers Andrew Pearse and Surjan Singh for their roles in a $2bn bribery scandal linked to Mozambique's tuna bonds. Both men, who pleaded guilty to accepting $52mn in bribes, face criminal proceedings in the US for money laundering and wire fraud. The scandal has severely impacted Mozambique's economy and contributed to Credit Suisse's downfall.
Two former Credit Suisse bankers, Andrew Pearse and Surjan Singh, have been banned in the UK for their involvement in a US$2 billion bond fraud in Mozambique, which included bribery and money laundering. Pearse faces a potential 151-month prison sentence in the US, while Singh accepted unlawful payments. The scandal involved corrupt loans for dubious maritime projects, leading to significant financial penalties for Credit Suisse and a ruling that Mozambique was defrauded.
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.
Manuel Chang
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former bankers banned in uk over mozambique tuna bond scandal
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ex-credit suisse bankers banned for roles in mozambique tuna bond scandal
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