Swiss prosecutors file charges against UBS, Credit Suisse
By Abigail Townsend
Date: Monday 01 Dec 2025
(Sharecast News) - Swiss prosecutors have launched legal action against UBS Group and Credit Suisse, it was confirmed on Monday, over alleged money laundering failures connected to the Mozambique 'tuna bonds' scandal.
The Office of the Attorney General said it had filed an indictment against a former employee of Credit Suisse - now part of UBS - on a charge of money laundering in connection with loans to Mozambican state-owned companies.
The OAG alleges that the compliance officer allowed $7m to be sent to the UAE in 2016, after $7.8m had first been paid from Mozambique's Ministry of Economy and Finance into a company account at Credit Suisse.
The OAG also allege that Credit Suisse and UBS failed to previous the offence, "as a result of organisational deficiencies".
Criminal proceedings against another employee of Credit Suisse have been abandoned, however.
In a statement, UBS rejected the allegations.
It said: "We firmly reject the Office of the Attorney General's conclusions and will vigorously defend our position."
The so-called tuna bonds scandal saw Mozambique borrow heavily from international investors to fund a state tuna fishing fleet as well as other maritime projects.
Loans of more than $2bn were granted by Credit Suisse to three state-owned companies in 2013.
However, much of the money was misused. Officials and bankers were also accused of taking bribes and Mozambique, already one of the world's poorest countries, was left with vast debts.
UBS settled with Mozambique over Credit Suisse's involvement in the scandal in October 2023, just before a trial was due to start in London.
It is one of a number of legacy Credit Suisse cases UBS has been forced to resolve since it rescued the failing lender in early 2023, in a deal brokered by the Swiss authorities.
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