Ex-Credit Suisse Banker Skips Prison for Aiding US Case

(Bloomberg) — A former Credit Suisse Group AG banker who admitted to his role in a $2 billion fraud and money-laundering scheme avoided prison Wednesday after cooperating with the government.

Surjan Singh testified at two US trials in Brooklyn, New York, tied to what became known as the tuna bond scandal for its dubious maritime projects, including a fishing fleet in Mozambique that triggered a financial crisis in the African nation. 

The nation’s former finance minister Manuel Chang was convicted at a trial and sentenced in January to 8 1/2 years in prison for his role in the scheme. Singh also testified at an earlier trial against a shipping executive, who was acquitted.

US District Judge Nicholas Garaufis cited Singh’s help to the government investigation as a reason to not impose any prison term upon him.

“I saw first-hand Mr. Singh’s testimony,” the judge said. “I find he was candid, direct, measured and thoughtful.” 

Singh had faced between 46 months to 57 months in prison. 

A Brooklyn jury in 2024 found Chang guilty of engaging in a wire fraud conspiracy and a second scheme to launder money. The panel also found he pocketed $7 million in illegal kickbacks and, in return, prosecutors said Chang agreed to approve and guarantee $2 billion in loans to state-owned entities in Mozambique.

While funds were intended to fund three maritime projects, evidence showed Chang and his co-conspirators diverted more than $200 million in loan proceeds to pay bribes and kickbacks to bankers and Mozambique officials. Singh was accused of pocketing $5.7 million in kickbacks.

Singh was is the last of three former Credit Suisse bankers who pleaded guilty to taking millions of dollars in kickbacks.

Andrew Pearse, who was Singh’s boss and served as the government’s star witness at both trials, also avoided prison. A third banker, Detelina Subeva, pleaded guilty but did not testify.

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