Mozambique: Civil society says arrests “should embarrass” UK – By Joseph Hanlon

Login

Register

http://www.clubofmozambique.com/

Mozambique: Civil society says arrests “should embarrass” UK – By Joseph Hanlon

4:26 CAT | 06 Jan 2019

File photo: The Telegraph

“The arrest of three Credit Suisse bankers should embarrass the FCA, as it shows that the FCA decision failed to fulfil the organisation’s basic statutory standards, and suggests that UK regulators did not apply the necessary due care in handling the Mozambican debt case,” said the Budget Monitoring Forum (FMO, Forum de Monitoria do Orçamento), a Mozambican civil society coalition. FMO adds that if FCA “internal constraints … affect their ability to take appropriate action against Credit Suisse,” FMO is willing to assist.

“The nature of charges also reinforces our view that the Mozambican illegal debt crisis is a consequence of criminal activity spanning various jurisdictions including the UK, Norway, Netherlands, Switzerland and the UAE.”

“FMO rejects Credit Suisse’s attempts to distance itself from its former employees. As we have previously stated ,the failure of Credit Suisse to lay criminal charges against its former banker Andrew Pearse, responsible for the sovereign debt deals who joined the contractors benefiting from the illegal Ematum loans, suggests that illegal, immoral and negligent conduct was not by a rogue banker, but rather part of systemic Credit Suisse culture. ”