par Noele Illien et Kirstin Ridley
ZURICH, 1er octobre (Reuters) – Credit Suisse has reached a last-minute settlement with Mozambique regarding the over ten-year-old “tuna bonds” case involving loans worth over $1.5 billion, UBS said on Sunday, inheriting the scandal with the purchase of the bank.
“The parties have mutually released each other from any liability and claims concerning the transactions,” UBS said in a statement. “The parties are pleased to have resolved this long-standing dispute,” the bank added, without providing further details.
As part of the agreement, reached one day before the start of a three-month civil trial in London, UBS will waive a part of a loan that Credit Suisse granted to Mozambique in 2013, amounting to less than $100 million, said a source familiar with the matter who requested anonymity.
The agreement also includes most of the creditors involved in the financing of a loan granted in 2013 to ProIndicus, a Mozambican state-owned company, UBS said.
The Mozambique Attorney General’s office and the Ministry of Economy and Finance announced that they will convene a joint press conference on Monday morning in Maputo.
The “tuna bonds” case involves three transactions between Mozambican state-owned companies and shipbuilder Privinvest, partly financed by loans and bonds from Credit Suisse and backed by guarantees from the Mozambican government, the amount of which has not been disclosed.
UBS, which acquired Credit Suisse early this year, has a financial reserve of $10 billion to deal with possible litigation, JPMorgan analysts estimated in a note to clients on Wednesday. (With contributions from Oliver Hirt in Zurich and Nqobile Dludla and Manuel Mucari in Maputo; French version by Kate Entringer)
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