The supervisory body for Mozambique's public finances is demanding debt relief of around US$2.2 billion, contracted with Credit Suisse. The amount is ten times what the bank is willing to pay.

According to the Budget Monitoring Forum (FMO) there are enough factors for the Swiss bank to write off the debt, reports swissinfo.

"Credit Suisse's admission of liability, failure to comply with the law (...) and the involvement of officials in bribery underscores the legitimacy of the FMO's demand for full write-off of the illegal debt," the FMO said.

This is a reaction to the agreement between the Swiss bank and several regulators in poor countries over corruption in Mozambique. Credit Suisse and American and British banks agreed to relieve about 200 million in Mozambique's debts.

Bloomberg, as quoted by swissinfo, reports that US authorities have found that Credit Suisse violated US bribery laws.