Credit Suisse fined £350m over Mozambique ‘tuna bonds’ loan scandal

Bank also pleads guilty to wire fraud and forgives hundred of millions of dollars of debt owed by country

Credit Suisse has been fined nearly 350m by global regulators, pleaded guilty to wire fraud, and agreed to forgive hundreds of millions of dollars worth of debt owed by Mozambique in an attempt to draw a line under the long-running tuna bonds" loan scandal.

The Swiss banking company had been accused of serious" failings in its financial crime controls by the UK's Financial Conduct Authority (FCA), and has entered into a deferred prosecution agreement with the US Department of Justice that will put the bank under heavy monitoring for three years after having defrauded US and international investors".