Credit Suisse contradicts findings of audit on Mozambique loans

27 June 2017

The Credit Suisse bank said it had received only US$23 million in commissions for setting up loans contracted by public companies in Mozambique and “not the US$100 million or more that Kroll Associates UK mentions in the audit report.”

The summary of the report issued on Friday in Maputo by the Office of the Attorney General of the Republic of Mozambique reports that the two banks – Credit Suisse and VTB – received US$199.7 million in commissions, of which US$58.8 million related to bank fees and US$140.9 million related to contractor fees.

“Bank fees for Credit Suisse amounted to US$23 million, plus or minus 2.3% of total funding and are in line with comparable financial transactions in emerging markets,” the Swiss bank said.

The disclosure of the loans taken out by ProIndicus and Mozambique Asset Management, which added to the US$850 million taken on by Mozambican tuna company Ematum, led the International Monetary Fund (IMF) and a number of Western agencies and countries to freeze the aid they provided to Mozambique.

According to the report, Kroll Associates UK was unable to clarify the fate of most of the US$2.007 billion that was recorded in Mozambique’s public debt, with company technicians often being faced with the response that the information requested was “confidential and therefore not available.” (macauhub)