Credit Suisse to pay investors over $22 million for Mozambique tuna fraud

Switzerland-based Credit Suisse Group and a UK subsidiary have been ordered to pay investors in a tuna fishing project in Mozambique over $22.6 million (€22.3 million) after admitting the group conspired to commit wire fraud by defrauding US and international investors through an $850 million (€731 million) loan.

US Eastern District Court Judge William Kuntz on July 22 ordered the subsidiary to pay 18 investors defrauded in the scheme.

"The instant sentence recognizes the seriousness of the defendant's offense in conspiring to commit wire fraud and provides for both specific and general deterrence," the judge ruled. "As noted, defendant used international and interstate wires to transmit false and misleading statements to investors, transfer proceeds from those investors, and pay kickbacks and bribes."

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As part of a settlement agreed on last year, Credit Suisse was fined more than $547 million (€470 million) in penalties, fines and legal remedies as part of coordinated resolutions with criminal and civil authorities in the United States and the United Kingdom.

Of that, Credit Suisse was fined around $475 million (€408 million) as well as restitution to victims in an amount to be determined by the court.