Africa should focus on industrialisation. Free trade will follow
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Consultant Bloomberg Intelligence believes Credit Suisse should pay less than US$75 million (€69 million) in the case of Mozambique’s hidden debts because its former bankers pleaded guilty to US courts.
“The guilty plea in May, July and more recently on September 6 increases the likelihood that the bank will incur penalties, which are expected to total less than US$75 million, based on the bank’s statements that it held only US$23 million (€20.8 million) in business fees,” the analysts write in a note sent to investors, to which Lusa has had access.
The US$75 million figure represents a strong downward revision from the nearly US$300 million (€272 million) figure that Bloomberg Intelligence estimated Credit Suisse might have to pay in January.Source: Lusa
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