Swiss Court Rules UBS Not Liable in Mozambique Tuna-Bond Case, Officer Probe Continues Over $2 Billion
A Swiss federal criminal court ruled that UBS cannot be held liable for money laundering linked to Credit Suisse’s pre-2023 Mozambique tuna-bond scandal, stating that legal responsibility cannot transfer through the 2023 takeover. Proceedings against a former Credit Suisse compliance officer over suspected $2 billion bond-fee bribes will continue.
1. Federal Criminal Court Decision
The Swiss Federal Criminal Court determined that UBS cannot be held responsible for alleged money laundering tied to Credit Suisse’s Mozambique tuna-bond deals predating its 2023 acquisition. The court cited both constitutional protections and the European Convention on Human Rights, ruling that criminal liability does not transfer through mergers.
2. Mozambique Tuna-Bond Scandal Background
Between 2013 and 2014, Credit Suisse arranged roughly $2 billion in bond financing for Mozambique’s coastal patrol project and tuna fishing fleet. Investigations culminated in a 2021 global settlement of nearly $475 million by Credit Suisse, followed by an October 2023 agreement resolving Mozambique’s claims.
3. Ongoing Officer Case and Appeal Timeline
Swiss prosecutors have maintained charges against a former Credit Suisse compliance officer accused of failing to file a suspicious activity report on ‘running fees’ potentially linked to bribes. The Attorney-General’s Office has 10 days to appeal the court’s decision on UBS’s non-liability, while the individual prosecution proceeds.