Three former Credit Suisse bankers, Andrew Pearse, Surjan Singh and Detelina Subeva have been arrested in London.
They are accused of playing a role in a $2 billion fraud scheme linked to firms in Mozambique.
The arrest of the three ex-workers comes days after former Mozambican Finance Minister Manuel Chang was also arrested in South Africa.
Chang’s arrest according to South African officials was at the request of the United States over the same $2 billion fraud scheme.
Mozambique’s finance ministry under Chang guaranteed $2 billion in secret borrowing by state-owned firms in 2013 and 2014.
The indictment of the ex-bankers in London reveals that a series of financial transaction between 2013 and 2016 found that more than $2 billion was borrowed through loans guaranteed by the Mozambican government.
They are alleged to have defrauded investors by creating a maritime projects as front to raise money and subsequently diverted parts of the loans to pay kick-backs and bribes to the tune of $200 million.
A statement released by the Credit Suisse says the three former employees have been found by US authorities of circumventing internal controls in connection with the fraud.
They were found to have among other things worked to defeat the banks internal controls, acted out of personal motive by concealing the actions from Credit Suisse.
The US is currently seeking extradition of the three men after they were granted bail in London.
Source: Africafeeds.com
