Switzerland’s federal prosecutor has filed charges against the failed bank Credit Suisse and its new owner, UBS, over the long-running “tuna bonds” loan scandal that crashed Mozambique’s economy nearly a decade ago. The Swiss attorney general said on Monday that it had brought money-laundering charges against an unnamed employee of Credit Suisse, but was also taking action against the lender and its rival-turned-owner UBS. Credit Suisse had already settled the case with US and UK regulators in 2021, having paid $275m to American watchdogs and £147m to Britain’s Financial Conduct Authority. The Swiss attorney general’s office accused Credit Suisse and its owner of “not taking all the required and reasonable organisational measures in the relevant period in 2016 to prevent the money laundering that was allegedly committed”. Credit Suisse had for years been mired in scandals, but panic over its future grew after its largest shareholder, Saudi National Bank, ruled out any extra funding for the Swiss lender despite the growing turmoil.
