The Mozambican government recognizes that the admission of misconduct by Credit Suisse is an important step towards repairing the damage done to the people, according to a statement issued through the British law firm Peters & Peters.

"This is an important step toward achieving full reparations for the people of Mozambique," the government said.

The document states that Mozambique welcomes the position of the Swiss bank for agreeing to pay a fine of US$475 million, as part of the "Hidden Debts" scandal. The improper loan resulted in the embezzlement of US$2.2 billion and created the country's biggest financial scandal.

Despite the payment of the fine, the Budget Monitoring Forum (FMO) demands that the banks involved, Credit Suisse and VTB cancel the debt in its entirety, which may be an illusion. The FMO supports its argument in the fact that the Swiss bank agrees to repay that amount.

"Credit Suisse's recognition, of its responsibility, reinforces the fairness and legitimacy of FMO's demand for full cancellation of the illegal debts," reads the FMO statement.

"It is true that our intention was that there would be the cancellation of the debt, but since officials of the Government of Mozambique were involved in the negotiation, there is no way there can be total cancellation" said activist Fatima Mimbire, quoted by DW.

In May last year, Mozambique's constitutional court declared null and void loans to Credit Suisse and VTB worth $1.4 billion of the $2 billion debt.

The transactions "raising more than $1 billion were used to perpetrate a hidden debt scheme" and "pay bribes" to former Swiss investment bankers - their intermediaries - and to "bribe corrupt Mozambican government officials," according to the U.S. Securities and Exchange Commission.