Mozambique is scheduled to bag a whooping U$475 million as part of legal settlement of a long running dispute with Credit Suisse Group AG.
On Tuesday, Credit Suisse Group AG agreed to pay almost U$475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into economic crisis.
The Zurich-based bank said it expects to take a $230 million charge in the third quarter as a result of the settlement, a further hit for shareholders after the bank was buffetted by the Greensill and Archegos Capital Management scandals.
The legal agreement is the latest action in a multi-year, international saga resulting from U$2 billion of debt deals that were supposed to help fund a new coastal patrol force and tuna fishing fleet in Mozambique, one of the world’s poorest countries. Three Credit Suisse bankers have previously pleaded guilty in the matter.
Credit Suisse Securities Europe Ltd., a unit of the bank, pleaded guilty to a single charge of conspiracy to commit wire fraud at a hearing in Brooklyn federal court Tuesday.
The parent company also entered into a three-year deferred-prosecution agreement with the U.S. Justice Department.
The bank deceived investors by hiding information about the use of the proceeds of three debt offerings from 2013 to 2016, prosecutors said Tuesday.
Credit Suisse bankers received U$50 million in kickbacks that were hidden from other members of management, part of at least U$200 million in “improper payments” and bribes, the U.S. said.
The settlement highlights include:
U$247.5 million criminal fine paid to the U.S. Justice Department, which will be reduced to U$175.5 million after crediting payments to other authorities
U$100 million paid to the U.S. Securities and Exchange Commission. GBP147.2 million (U$200.6 million) paid to the U.K.’s Financial Conduct Authority
Forgiveness of U$200 million in debt owed by Mozambique as a result of the loans
Appointing an independent third-party to review compliance measures for businesses in financially weak, high-risk countries, per enforcement action by Switzerland’s Financial Market Supervisory Authority
Bankers “were able to carry out the scheme as a result of deficiencies in Credit Suisse’s internal accounting controls, unreasonable reliance on the CS Bankers to structure the deal, and inadequate appreciation of bribery risks that came to the attention of the bank’s reputational risk, credit risk and compliance groups,” the U.S. Securities and Exchange Commission said Tuesday.
Three Reported Dead In Mbarara Bomb Blast
Three people are reported to have been killed following a bomb explosion in Mbarara City Tuesday morning, November 30, 2021, according to local press.
The blast was reported below Jingo’s hotel towards Kisenyi, a Mbarara city suburb. This comes two weeks after twin bombings in Kampala left seven people dead and over 35 injured on November 16.
Ugandan authorities blame the bombings on ADF, a rebel outfit in DRC jungles.
The Uganda People’s Defence Forces (UPDF) together with the DR Congo military have launched joint air and artillery strikes against ADF camps in eastern Congo.
Defence and army spokesperson Flavia Byekwaso confirmed the development earlier today.
Terrorists In Uganda Captured On Video Declaring Attacking Rwanda
Ugandan authorities have been caught red handed and left with no excuses to make after an agent of RNC is seen in a video mobilising for support to destabilise Rwanda.
RNC is a terrorist group composed of Rwandans living in South Africa, European countries and in their field bases in Uganda.
Ugandan authorities have denied the presence of RNC for long.
Finally more undesputed evidence is out. A video has surfaced on internet showing RNC agents during a burial ceremony in Kagadi, Bunyoro, openly calling up on Rwandans in Uganda to support the organisation’s terror activities.
Muhamad Nzabandora from Gayaza town, Kyadondo, stood before dozens of mourners and spoke in Kinyarwanda in the video that is not yet know when it was captured. “…we can’t keep it a secret any more, we have to be open about it,” he said, referring to plans to attack Rwanda.
Prior to him, another agent had spoken and said he had brought contributions from RNC leadership as condolences. He categorically announced the presence of the RNC and encouraged more Rwandans to join the organisation.
The burial was held publicly. Ugandan local authorities and regions leaders were reportedly present.
Meanwhile, the recent evidence is that of RNC’s armed wing, P5, operating from DRC jungles where it’s agents are trained.
Many of them were trained under Rtd. Major Mudathiru who has been convicted for life in Rwanda.
P5 were attacked by the FARDC forces, a raid that left many of its forces dead. Others were captured and handed to Rwanda in August 2019.
There are also other 35 that were in the P5 and RUD Urunana who were captured in Kinigi, northern province in 2019. Others fled to Uganda with their ring leader Capt. Cassien Nshimiyimana alias ‘Gavana’ who is protected by Uganda.
Another ring leader, Lt. Col. Selemani Kabayija, was also captured and sentenced to life imprisonment.
Meanwhile, the video has created a social media frenzy. Ugandan authorities have made no comments.
The following video is of RNC agents in Kagadi, Bunyoro, Uganda. Grotesquely they've now started to mobilise for the RNC at even burial ceremonies. Appropriate for a murderous terror organisation attempting to exploit death in order to beef up their death-dealing capacity. pic.twitter.com/PWj2mn7p7d
— Mwene Kalinda (@KalindaMwene) November 25, 2021
50 Witnesses To Testify In Muhayimana’s Genocide Case
About 50 witnesses are expected to give out their testimonies today in France accusing Claude Muhayimana for his role in the Genocide against the Tutsi that was perpetrated Tutsi in Bisesero, and areas of Kibuye.
ICTR’s witness reports regard Bisesero as among the worst places of the horror of the Genocide against the Tutsi.
The feature of the witnesses includes 15 from Rwanda that will be testifying before the judges at Assize Court in Paris in the one-month-long case.
In the last session, the judges have postponed the hearing because the witnesses couldn’t travel during the Covid-19 travel restrictions.
His case follows those of Captain Pascal Simbikangwa, sentenced in 2016 to 25 years in prison, and former mayors Octavien Ngenzi and Tito Barahira, sentenced in 2018 to life imprisonment after a joint trial.
The legal systems in France grant him universal jurisdiction for the prosecution of crimes against humanity.
During the last hearing, Muhayimana, 60, and a former hotel were accused of complicity in genocide as well as crimes against humanity for providing aid and assistance. The accusations are based on the ground that he transported Hutu militias to the killing sites in the Kibuye areas.
French judges rejected the charges against Claude Muhayimana for the massacre at the Kibuye church on April 17, 1994, where almost 2,000 Tutsis were killed.
IBUKA France in a statement said it was happy that the 10-year trial was finally taking place.
Egide Nkuranga, President of Ibuka, the umbrella of Genocide survivors, said the trial had been hampered by different political reasons over the past years but now France has shown interest in collaborating the impunity.
The 60-year old was investigated in December 2011 when an arrest warrant was issued against him but he was arrested in 2012 at his workplace in the city of Rouen and placed under extradition and was released later and re-arrested again in 2014.
PART II: Why Is Uganda Provocative, Disrespectful?
Rwanda Receives US$100M From World Bank For Broadband Connectivity
Health Workers To Be First To Get Vaccinated As Omicron Spreads
World AIDS Day Ends With Call to End Inequalities
Rwanda’s Digital Payment Apps Expand Financial Access, Inclusivity
2021 Africa Investment Forum Postponed
EAC ‘Tembea Nyumbani’ Campaign to Stimulate intra-regional Travel
Rare Peep Into Espionage Fights Of Rival Koreas
Three Reported Dead In Mbarara Bomb Blast
Horrific Racism Disgusting European Football
President Kagame Delivers Remarks At AGRF, Joins Presidential Panel
Live Conference: Invest In Rwanda AGRF 2020 Deal Room
KG Craft Cafe Is Indeed A Hidden Gem In Kigali
“Rwanda Is Moving From An Agriculture-based Ecomomy To A Knowledge-based One” – Nadia Uwamahoro On Under 40 CEOs
Kidumu Drops New Hit, Lectures Men On Romance
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