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Lusa - Business News - Mozambique: Credit Suisse to pay less than $75 million - Bloomberg Intelligence

New York, Sep. 10, 2019 (Lusa) - Consultant Bloomberg Intelligence estimates that Credit Suisse will pay less than $75 million (€69 million) in the case of Mozambique's hidden debts because former bankers have pleaded guilty in US courts.
"The plea of guilty in May, July and most recently on 6 September increases the probability of the bank incurring penalties, which should total less than $75 million, based on the bank's statements that it only charged $23 million (€20.8 million) in fees for the business" the analysts wrote in a note sent to investors on Tuesday, which Lusa had access to.
The figure of 75 million shows a strong downward revision from the approximately $300 million (€272 million) that Bloomberg Intelligence estimated in January that Credit Suisse might have to pay.
"Although the U.S. Department of Justice's indictment admits the bankers circumvented the bank's internal controls, the misconduct of individuals can still be blamed on Credit Suisse because the bankers allegedly acted in connection with their employment with Credit Suisse," analysts who also support the Bloomberg financial intelligence agency wrote in January.
The analysts said that bankers Andrew Pearse, Surjan Singh and Detelina Subeva had "the intention, at least in part, to benefit the bank they were working for," so authorities "may also seek to pursue Credit Suisse for violating investment rules in the financial markets and failing to stop the alleged misconduct despite the existence of red flags.
The bank, they point out, "looks bad in the picture," although it hasn't been accused, "because it has exposure and reminds us of Goldman Sachs' $1 billion problem, but on a smaller scale”.

Agency : LUSA

Date : 2019-09-11 10:03:21


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