Credit Suisse has recently agreed with authorities in the United States of America and the United Kingdom to pay the Mozambican state 475 million dollars for its involvement in the "Hidden Debt" case, but this does not alleviate its share of guilt.

According to a report, the Swiss bank is still embroiled in a pile of lawsuits related to the improper loans and bribes. The charges include "civil lawsuits in London, an ongoing FBI criminal investigation, and the further damage to its reputation after its British subsidiary pleaded guilty to bank fraud in a Brooklyn court last week."

The bank has agreed with the United States Security and Exchange Commission (SEC) and the British Financial Conduct Authority (FCA) to reimburse Mozambique $475 million. But despite this the SEC said that Credit Suisse is an institution of "fraudulently misleading investors [who violated] the Foreign Corrupt Practices Act (FCPA)."

In addition, Credit Suisse must forgive $200 million of the debt that Mozambique owed the bank as a result of corrupt loans to the companies Proindicus and Ematum (Empresa Moçambicana de Atum).

The three former Credit Suisse bankers indicted by the US. From left, Surjan Singh, Detelina Subeva and Andrew Pearse

"The idea that this is over for Credit Suisse is completely false," said Natasha Harrison, managing partner of Boies Schiller Flexner, the U.S. law firm that is suing the bank on behalf of creditors including Banco Comercial Português and United Bank for Africa.

"There's a huge amount of litigation going on in the English courts right now and that's not going to go away," he stressed.

So if Credit Suisse thought it would be exempt from penalties by paying the fine and forgiving Mozambique's debt, it missed the mark.

In fact, the Mozambican activist, Denise Namburete, believes that "The cost of Credit Suisse's corrupt conduct is too high to be covered by a $475 million fine."

The English High Court trial involving Ematum bondholders will not take place for another two years.