Andrew Pearse and Surjan Singh, former managing directors of Credit Suisse, have been banned from the UK financial services sector for pleading guilty in the United States in the case related to Mozambique's "hidden debts".

According to ReutersThe ban was announced by Britain's Financial Conduct Authority on Tuesday (04).

The two bankers, Andrew Pearse and Surjan Singh, pleaded guilty in 2019 to accepting bribes in relation to around 1.3 billion dollars in loans provided by Credit Suisse to Mozambique, which generated litigation and regulatory penalties around the world.

Pearse, former head of Credit Suisse's Global Financing Group, received around 45 million dollars in bribes, while Singh received 5.7 million, the regulator said.

The loans and bonds at the center of the scandal were provided by banks, including Credit Suisse, to Mozambican state-owned companies in 2013 and 2014 on the grounds of investing in tuna fishing and coastal protection.

As a result, proceedings were initiated in courts in the United States and Mozambique, which resulted, among others, in the conviction of the former Finance Minister, Manuel Chang, officials from the Maputo secret services and individuals linked to former President Armando Guebuza.

(Photo DR)