Credit Suisse denies it got huge fee for arranging Mozambique loans
Credit Suisse, which helped arrange part of the $2bn in Mozambique state-backed loans that plunged the country into crisis, disputed that it received more than $100m in fees for arranging the financing. The bank was responding to Kroll’s audit report into the loans that said it and Russia’s VTB Bank were paid almost $200m in arrangement and contractor fees. The investigation showed that Mozambican state companies failed to account for about a quarter of the proceeds of $2bn in loans being investigated, according to the Kroll report. "The reporting that Credit Suisse realised $100m or more in ‘arranging’ fees is incorrect and misleading," a spokesperson for the lender said in an e-mailed statement Sunday. "Banking fees for Credit Suisse totaled $23m — roughly 2.3% of the total financing and is in line with comparable emerging-market financing transactions." The summary of the audit into three government loans could help pave the way for restructuring talks with owners of the debt and...
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