FCA Bans Former Credit Suisse Bankers Over Mozambique Tuna Bonds Scandal

The FCA has banned two ex-Credit Suisse bankers, Andrew Pearse and Surjan Singh, after their convictions linked to bribery in Mozambique’s tuna bond scandal. Pearse received over $45 million, while Singh accepted $5.7 million in illicit payments, leading to their disqualification from financial services in the UK.

The Financial Conduct Authority (FCA) of the United Kingdom has issued bans against two former bankers from Credit Suisse due to their involvement in a bribery scheme related to loans intended for Mozambique. Andrew Pearse has acknowledged accepting in excess of $45 million in bribes, and the FCA has determined that he lacks the integrity necessary to operate within the UK financial services sector. Similarly, Surjan Singh, who accepted $5.7 million in illicit payments, has also been barred from the industry.

In summary, the FCA has acted decisively against former Credit Suisse bankers, Andrew Pearse and Surjan Singh, who were found to have participated in extensive corruption linked to Mozambique’s tuna bonds. Their bans underscore the regulatory commitment to uphold ethical standards within the financial services industry.

Original Source: www.amlintelligence.com