Mozambique Wins Fraud Suit Over Credit Suisse Bond Scandal (2)

Mozambique won a fraud case over a $2 billion bond scandal that embroiled Credit Suisse and created a financial crisis for the southern African nation.

After a three month trial, a London judge ruled that Mozambique was defrauded in a controversial maritime project meant to finance the construction of a new coastal patrol and a tuna fishing fleet. The government-backed fundraising was plagued by corrupt deals, with hundreds of millions of dollars looted, while much of the debt was kept hidden from bondholders and other lenders.

Mozambique had initially sued Credit Suisse, which arranged the majority of the debt, before ...