Mozambique expects agreements with Portugal to convert debt into green economy projects
Pressure mounts on Credit Suisse – Hanlon
10:07 CAT | 09 May 2019
Photo courtesy: @DeniseNamburete
“Mozambique deal haunts resurgent Credit Suisse” said the headline on the Wall Street Journal (1 May). It added that “pressure mounts for bank to forgive secret loans and pay damages). The influential newspaper reported Denise Namburete speaking to the 26 April Credit Suisse annual general meeting challenging the chair on CS’s role in the fraudulent $2 bn secret debt. It was a point picked up by several other speakers at the AGM. Namburete is from the Budget Monitoring Forum (FMO – Forum de Monitoria do Orcamento), a civil society coalition which has taken the lead in campaigning on debt. http://www.fmo.org.mz/ Afterwards, FMO met with senior CS officials.
But CS profits are increasing and the bank is believed to be taking a hard line, demanding the same deal as given to bondholders and being offered to Russia. It wants to ignore past misconduct and only make promises about improving future lending practice. But board members at the AGM were embarrassed and will put pressure on management to resolve the Mozambique case.
FMO will continue to try to build international pressure on CS. There will be a visit to London to demand legal action there – the loans and alleged bribes were negotiated by the London branches of CS and VTB. And pressure will be increased on Norway, where the sovereign wealth fund is one of the largest investors in CS.
Meanwhile, the Swiss pressure group Public Eye has used a Swiss legal procedure to make a complaint to the attorney general against Credit Suisse; the attorney general must consider the complaint and decide whether to open criminal proceedings.
By Joseph Hanlon
Mr. Chair of @CreditSuisse, Urs Rohner, @FMO_Moz is asking @CreditSuisse to cancel all outstanding obligations by ?? as evidence shows wide system failure by the bank in the #Mozambique’s #2billion dollar ilegal debt. pic.twitter.com/qf6KZpqEsM
— Prof. Adriano Nuvunga (@adriano_nuvunga) April 26, 2019
Today the Budget Monitoring Forum (FMO) demanded the bank to cooperate with regulators and authorities to ensure that all responsible parties are held accountable for their role in the 2.4B ilegal debt scandal. This means full transparency on the genesis of it. #Mozambique pic.twitter.com/IJIkn3sGw7
— Denise Namburete (@DeniseNamburete) April 26, 2019
FMO asked Credit Suisse today to return, with immediate effect, all proceeds with interests from the Moz debt crisis. The moneys would be useful in saving thousands of lives as mozambique mobilizes relief effort after IDAI and Kenneth disasters. #AnulemAsDividasIlegais pic.twitter.com/Upn4X7rHc6
— Denise Namburete (@DeniseNamburete) April 26, 2019
Source: News reports & clippings
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