UBS shakes off ‘tuna bond’ money laundering liability

UBS cannot be made to answer for Credit Suisse's actions in Mozambique Keystone

The Swiss Federal Criminal Court has dropped a money laundering case against UBS bank connected to the so-called ‘tuna bond’ loan scandal in Mozambique.

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UBS inherited the legal trouble from its former rival, Credit Suisse, which UBS took over in 2024. The court has now ruled that UBS cannot be held responsible for the $2 billion scandal. Proceedings against a former Credit Suisse employee will continue.

In a press release published on Friday, the court stated that as Credit Suisse has ceased to exist as a bank and is no longer registered in the commercial register, it no longer possesses a legal personality.

The Swiss Office of the Attorney General (OAG) launched a criminal investigation in 2020, resulting in charges against UBS and an ex-Credit Suisse employee last December.

Loans of over US$2 billion were granted by Credit Suisse to three state-owned enterprises in Mozambique in 2013. Allegations emerged three years later that linked the loans to money laundering and bribery.

But the latest Swiss court ruling, made public on Friday, found that UBS had no influence over Credit Suisse’s operations during the relevant period in 2016, particularly its anti-money laundering measures.

Adapted from German by AI/mga

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