Swiss prosecutors file charges against Credit Suisse and UBS over ‘tuna bonds’ scandal

The Guardian - World NewsCenter-LeftEN 3 min read 100% complete by Kalyeena Makortoff Banking correspondentDecember 1, 2025 at 03:23 PM

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Swiss prosecutors have filed charges against Credit Suisse and its current owner, UBS, related to the "tuna bonds" scandal that severely impacted Mozambique's economy. The charges stem from $2 billion in loans Credit Suisse arranged for Mozambique between 2013 and 2016, ostensibly for maritime and fishing projects. The Swiss attorney general alleges "organizational deficiencies" within the banks, leading to money laundering and delayed reporting of suspicious transactions. The scandal involved kickbacks to Credit Suisse bankers and led to the IMF suspending aid to Mozambique, causing an economic crisis. While Credit Suisse previously settled with US and UK regulators, and UBS settled with Mozambique, both firms now face legal action in Switzerland. UBS rejects the conclusions and plans to defend its position.

Key Entities & Roles

Key Player Opposition Context

Switzerland ×240% Mozambique ×560% UBS ×470% Credit Suisse ×980%

Keywords

tuna bonds scandal 100% credit suisse 90% ubs 80% money laundering 70% mozambique 60% organizational deficiencies 60% risk management 60% loan scandal 50% financial misconduct 50% swiss prosecutors 40%