Following US convictions for arranging corrupt loans to the Republic of Mozambique, the FCA has banned Andrew Pearse and Surjan Singh, former Credit Suisse managing directors, from the UK financial services industry for lacking integrity.
In July 2019, Mr Pearse pleaded guilty in the US for his role in the conspiracy to commit money laundering and wire fraud, which included him accepting over US $45 million in unlawful kickbacks in connection with the loans.
In September 2019, Mr Singh also pleaded guilty in the US for his role in the conspiracy to commit money laundering, which included him accepting US $5.7million in unlawful kickbacks in connection with the loans.
In October 2021, the FCA fined Credit Suisse over £145 million as part of a US $475 million global settlement for serious financial crime due diligence failings related to the loans which the bank arranged for the Republic of Mozambique, worth US $1.3 billion. The loans were tainted by corruption. The FCA also secured Credit Suisse’s agreement to write off US $200 million of debt owed by the Republic of Mozambique.
Steve Smart, joint executive director of enforcement and market oversight at the FCA said: “Mr Pearse and Mr Singh were experienced executives at Credit Suisse who admit to having received over US $50 million in kickbacks. There is no place in our markets for those who engage in bribery and corruption.”
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