In December, the US Department of Justice accused the bankers and other government officials of creating $2 billion in maritime projects as a front to enrich themselves.
Sunday 10, March 2019
(Bloomberg) --Three former Credit Suisse Group bankers charged by the US with helping to arrange more than $1.4 billion of hidden loans to Mozambique will fight extradition from the UK.
Andrew Pearse and Surjan Singh, former Managing Directors, and Detelina Subeva, a Vice President in the Global Financing unit, appeared in a London court last week and district Judge Deborah Wright adjourned the hearing until 29 March for the former bankers to file their responses.
They diverted at least $200 million of the funding to pay bribes and kickbacks, according to an indictment.
While Credit Suisse has said it was deceived by its own staff and was not named as a defendant in the US indictment, it is facing a separate lawsuit brought by Mozambique’s government in London.
Pearse, who headed Credit Suisse’s global financing group at the time, and Subeva both left in 2013 and started to work for an Abu Dhabi-based holding company named Privinvest Group. That year and the following year, Privinvest wired bribe and kickback payments of more than $45 million to a bank account Pearse had opened in Abu Dhabi.
Pearse shared some of those payments with Subeva, the duo was released on bail in London until the next hearing.