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offsite link Australia Passes Landmark Social Media Ban for Under-16s Fri Nov 29, 2024 13:43 | Rebekah Barnett
Australia is the first country to ban social media for under-16s after a landmark bill passed that critics have warned is rushed and a Trojan horse for Government Digital ID as everyone must now verify their age.
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offsite link Is Banning the Burps of Bullocks Worth Risking Our Bollocks? Fri Nov 29, 2024 11:32 | Ben Pile
Is banning the burps of bullocks worth risking our bollocks? That the question posed by the decision to give Bovaer to cows to 'save the planet', says Ben Pile, after evidence suggests a possible risk to male fertility.
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offsite link The Ed Miliband Phenomenon ? What Makes ?Britain?s Most Dangerous Man? Tick? Fri Nov 29, 2024 09:00 | Tilak Doshi
With his zeal for impoverishing Britain and his imperviousness to inconvenient facts, Ed Miliband is Britain's most dangerous man, says Tilak Doshi. What makes fanatics like him tick?
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offsite link In Episode 21 of the Sceptic: David Frost on Allison Pearson, Starmerism and Kemi Badenoch, and Nick... Fri Nov 29, 2024 07:00 | Richard Eldred
In Episode 21 of the Sceptic: David Frost on Allison Pearson and free speech, the meaning of Starmerism and Kemi Badenoch, and Nick Dixon on whether Trump will put woke away.
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offsite link News Round-Up Fri Nov 29, 2024 01:17 | Richard Eldred
A summary of the most interesting stories in the past 24 hours that challenge the prevailing orthodoxy about the ?climate emergency?, public health ?crises? and the supposed moral defects of Western civilisation.
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offsite link Russia Prepares to Respond to the Armageddon Wanted by the Biden Administration ... Tue Nov 26, 2024 06:56 | en

offsite link Voltaire, International Newsletter N?109 Fri Nov 22, 2024 14:00 | en

offsite link Joe Biden and Keir Starmer authorize NATO to guide ATACMS and Storm Shadows mis... Fri Nov 22, 2024 13:41 | en

offsite link Donald Trump, an Andrew Jackson 2.0? , by Thierry Meyssan Tue Nov 19, 2024 06:59 | en

offsite link Voltaire, International Newsletter N?108 Sat Nov 16, 2024 07:06 | en

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Credit Suisse Banker Pleads Guilty in Mozambique Loan Scandal

category international | economics and finance | news report author Monday July 22, 2019 23:08author by Kate Zeller - Jubilee USA Network Report this post to the editors

On Friday, former Credit Suisse banker Andrew Pearse pled guilty in US Federal Court for accepting millions of dollars in a fraud scheme that led to a $2 billion Mozambique loan scandal and debt crisis in the East African country.

Washington DC - On Friday, former Credit Suisse banker Andrew Pearse pled guilty in US Federal Court for accepting millions of dollars in a fraud scheme that led to a $2 billion Mozambique loan scandal and debt crisis in the East African country. Pearse and six others are accused of taking $200 million in the scheme.

“Mozambique, one of the poorest countries in the world, is dealing with a financial crisis because of the greed of corrupt bankers," said United Nations corruption and finance expert Eric LeCompte and Executive Director of the religious development group Jubilee USA Network. “This behavior is only possible because of a lack of global loan transparency and a lack of public budget transparency in Mozambique.”

US prosecutors argue that Credit Suisse and Russian-based VTB finance group hid secret loans to the Mozambique government by bribing bank and government officials. The loans were supposed to support the tuna fishing industry, but instead supported the outfitting of boats for military attack crafts. When the secret loans to Mozambique were revealed in 2016, the IMF and World Bank cut ties with the country, halting development funding. This year, Mozambique was hit with two cyclones further impacting the debt ridden and poverty stricken country.

"Mozambique is struggling to recover from a debt crisis and terrible natural disasters," noted LeCompte.

Related Link: http://www.jubileeusa.org

 #   Title   Author   Date 
   Financial colonialism already well documented     T    Mon Jul 22, 2019 23:16 


 
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