ZURICH, April 10 (Reuters) - Switzerland's Criminal Court said on Friday it had discontinued proceedings against Swiss bank UBS in a case tied to suspected money laundering in Mozambique. This is
Swiss court shelves case against UBS over Credit Suisse actions in Mozambique
Swiss Criminal Court Discontinues UBS Proceedings
Background of the Case
ZURICH, April 10 (Reuters) - Switzerland's Criminal Court said on Friday it had discontinued proceedings against UBS over a case tied to suspected money laundering in Mozambique relating to Credit Suisse, which the Swiss bank acquired in 2023.
Reason for Discontinuation
The court said it had reached its decision on the grounds that Credit Suisse, whose actions were in question, ceased to exist as a criminal-law entity as a result of the state-engineered merger with its rival UBS three years ago.
Details of the Mozambique Scandal
Swiss federal prosecutors in December had accused Credit Suisse of failing to prevent money laundering in Mozambique, where loans granted to the African country's tuna fishing fleet triggered an economic crisis there a decade ago.
Prosecutors' Arguments
Prosecutors argued that Credit Suisse and its legal successor UBS were liable over the failings.
UBS Response and Legal Implications
UBS Statement
UBS quickly responded to the court's decision.
Official UBS Comment
"We welcome the court's recognition that UBS cannot be held liable in this matter, as such liability cannot be transferred to a legal successor through a merger," UBS said.
Appeal Possibility
The court's decision can be appealed.
(Reporting by Ariane Luthi, Oliver Hirt and Miranda MurrayEditing by Dave Graham)
