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(Bloomberg) -- Credit Suisse Group AG, which helped arrange part of the $2 billion in Mozambique state-backed loans that plunged the country into crisis, disputed that it received more than $100 million in fees for arranging the financings.
The bank was responding to Kroll LLC’s audit report into the debts that said it and Russia’s VTB Bank PJSC were paid $200 million in arrangement and contractor fees.
“The reporting that Credit Suisse realized $100 million or more in ‘arranging’ fees is incorrect and misleading,” a spokesman for the lender said in an emailed statement Sunday. “Banking fees for Credit Suisse totaled $23 million –- roughly 2.3% of the total financings and is in line with comparable emerging market financing transactions.”
The Finance Ministry announced in October it can’t afford to service its commercial dollar debt, and defaulted on its $727 million Eurobond at the start of the year. It’s also missed payments on two state-guaranteed loans. Arrears for all three loans total about $490 million.
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