Former Credit Suisse banker pleads guilty in Mozambique bribes scandal
New York — An ex-Credit Suisse Group banker became the first person to plead guilty in what US prosecutors called a $2bn fraud and money-laundering scam tied to loans to Mozambique that were used to pay bribes and kickbacks. Detelina Subeva, 37, a former vice president in the bank’s global financing unit, pleaded guilty on Monday to one count of conspiracy to launder funds. The US agreed to drop three other conspiracy charges against Subeva, who is one of three Credit Suisse bankers accused of working with Mozambique’s ex-finance minister in a secret kickback scheme. The case centres on deals that allowed Mozambique to borrow $2bn for maritime projects and coastline protection in 2013. The bonds sold to finance the loans were marketed to international investors to aid the economy and thwart sea piracy, but prosecutors say at least $200m were plundered in the form of bribes and kickbacks.
Subeva and former bankers Surjan Singh and Andrew Pearse are accused of withholding info...
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