UBS shakes off ‘tuna bond’ money laundering liability

The Swiss Federal Criminal Court has dropped a money laundering case against UBS bank connected to the so-called ‘tuna bond’ loan scandal in Mozambique. + Get the most important news from Switzerland in your inbox UBS inherited the legal trouble from its former rival, Credit Suisse, which UBS took over in 2024. The court has now ruled that UBS cannot be held responsible for the $2 billion scandal. Proceedings against a former Credit Suisse employee will continue. In a press release published on Friday, the court stated that as Credit Suisse has ceased to exist as a bank and is no longer registered in the commercial register, it no longer possesses a legal personality. The Swiss Office of the Attorney General (OAG) launched a criminal investigation in 2020, resulting in charges against UBS and an ex-Credit Suisse employee last December. Loans of over US$2 billion were granted by Credit Suisse to three state-owned enterprises in Mozambique in 2013. Allegations emerged three years ...