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Mozambique files case against Credit Suisse in London’s High Court
10:11 CAT | 28 Feb 2019
Credit Suisse was one of the lenders that helped arrange $2bn in government-guaranteed loans that tipped Mozambique into a debt crisis.
Mozambique has filed a case in London’s High Court against Credit Suisse, according to court records and a source in Mozambique’s Attorney General Office.
The global investment bank, three of its former employees, Andrew Pearse, Surjan Singh and Detelina Subeva, and an Abu Dhabi-based holding firm and its affiliates are all named in the filing.
The court records said the case related to “commercial contracts” but gave no further detail.
The global investment bank declined to comment. Reuters could not immediately reach lawyers for Pearse and Subeva by phone, and they did not immediately respond to emailed requests for comment. The firm representing Singh also could not immediately be reached for comment.
A spokesman for Privinvest – the Abu Dhabi-based holding company named in the court papers – said the firm and its associates had not yet received notification of any filing, and therefore could not comment.
A source in Mozambique’s Attorney General Office confirmed the existence of the High Court lawsuit:
“We confirm that an action against Credit Suisse is underway in London. We will provide further details later,” the source told Reuters by phone.
Credit Suisse was one of the lenders that helped arrange $2 billion in government-guaranteed loans that tipped Mozambique into a debt crisis that it is still struggling to recover from.
Source: Reuters
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