Credit Suisse Group AG will pay at least $400 million to settle with authorities probing its role in a fundraising scandal that looted money from Mozambique and tipped the country into economic crisis, according to people familiar with the matter.
A subsidiary of the Zurich-based bank will plead guilty as part of a deferred-prosecution agreement expected to be announced Tuesday, said the people, who asked not to be identified because the matter is private.
The agreement is the latest action in a multi-year, international legal saga that came out of $2 billion of debt deals from 2013 to 2014 to state-owned companies that were supposed to fund a new coastal patrol force and tuna fishing fleet in Mozambique, one of the world’s poorest countries.
A representative for Credit Suisse declined to comment.
Read more: Credit Suisse Nears Deal With U.S. Over Mozambique Scandal
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