Mozambique President Filipe Nyusi has been granted immunity from any allegations related to his involvement in a multibillion-dollar fishing-boat scandal, delivering a fresh blow to Credit Suisse (SIX:CSGN). The announcement was made today, Tuesday, by Judge Robin Knowles (NYSE:KN), who declined to include Nyusi as a party in the upcoming trial against Credit Suisse and other firms implicated in the financing of a tuna-fishing fleet and coastal patrol force in Mozambique.
The trial, scheduled to begin in London in the coming weeks, stems from allegations leveled by the Mozambican government. The African nation accuses the Swiss bank of ignoring red flags and turning a blind eye to the corruption of its own bankers in deals dating back a decade.
"In relation to the claims alleged against him in these proceedings he has immunity from the jurisdiction of this court whilst he is head of state," Judge Knowles said on Monday according to Bloomberg. The court clarified that the allegations against Nyusi pertain to events that took place before he assumed the presidency.
The ruling marks another setback for Credit Suisse, now part of UBS Group AG (SIX:UBSG), and tycoon Iskandar Safa's shipbuilding firm Privinvest that raised the allegations against Nyusi. In July, Credit Suisse failed to block the impending trial, which is among several legal troubles inherited by UBS Group AG following its acquisition of Credit Suisse in March.
In 2021, Credit Suisse agreed to pay nearly $475 million in the US to resolve multiple investigations into its role in the fund-raising scandal that led to hundreds of millions being looted from Mozambique and plunged the country into an economic crisis.
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