Three former Credit Suisse bankers have been arrested in London on charges they took part in a $2bn fraud scheme involving state-owned companies in Mozambique, a US official said.

The arrests came five days after former Mozambique finance minister Manuel Chang was arrested in South Africa as part of the same criminal case, which was brought by federal prosecutors in New York.

Andrew Pearse, Surjan Singh, and Detelina Subeva, were charged in an indictment in Brooklyn, New York federal court with conspiring to violate US anti-bribery law and to commit money laundering and securities fraud, according to spokesman John Marzulli. They have been released on bail in London while the United States seeks extradition.

A fifth man, Jean Boustani, was arrested on Wednesday, Marzulli added.

“The indictment alleges that the former employees worked to defeat the bank’s internal controls, acted out of a motive of personal profit, and sought to hide these activities from the bank,” Credit Suisse said in a statement. It added that the bank will continue to cooperate with authorities.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.