FCA forbids the third ex-credit Suisse Banker via Mozambique credit scandal

The British financial supervisory authority banned a third former Credit Suisse Banker from the industry about the long-standing Mozambique-Tuna Bond scandal.

Detelina Subeva, a former Vice President of the Swiss lender, was excluded from the work in the British financial services after he had guilty in the United States to take around 200,000 US dollars. The Financial Conduct Authority (FCA) announced the ban on Friday.

Her case follows earlier bans that were handed over Andrew Pearse and Surjan Singh, who admitted to receiving $ 45 million or 5.7 million US dollars in order to arrange corrupt loans of 1.3 billion US dollars between 2013 and 2014. All three were convicted of US courts.

“Ms. Subeva admitted to maintaining and leading illegal setbacks of 200,000 US dollars,” said Steve Smart, joint enforcement manager at the FCA. “There is no room for this type of crime in our markets.”

The scandal focuses on a number of state loans from Credit Suisse and Russia's VTB to finance maritime projects in Mozambique to a tuna fishing fleet and coastal monitoring. Much of the money disappeared, and the most important loan conditions were hidden from investors and donors.

When the guilt came to light in 2016, she triggered a collapse in Mozambique currency, a wave of failures and a suspension of the IMF support. In 2021, the Credit Suisse ultimately paid 475 million US dollars to the British and the US authorities and agreed to write down a $ 200 million $ 200 million. VTB's British arm was fined with a fine of 6 million US dollars.

Legal consequences continue. Mozambique sued Shipbuilder Privinvest and his late owner Iskandar Safa in London and accused her of having paid bribes to grant business. The country won a partial victory in the case last year, although private investments are appealing. The Credit Suisse settled with Mozambique before the procedure, in a deal that also covered Pearse and Singh.