The FCA has banned two former Credit Suisse bankers for their roles in a bribery scandal linked to corrupt loans for Mozambique, with one banker admitting to receiving over $45 million in kickbacks and the other $5.7 million.
The UK’s Financial Conduct Authority (FCA) has issued bans to two former bankers from Credit Suisse in connection with the controversial ‘tuna bonds’ scandal in Mozambique. Both bankers were implicated in accepting substantial bribes while facilitating corrupt loans for the country. Andrew Pearse, who reportedly received over $45 million in kickbacks, was barred due to concerns regarding his integrity. Likewise, Surjan Singh, who accepted $5.7 million in illicit payments, also faced a ban from the financial services sector.
The FCA’s decisive action against Pearse and Singh underscores the regulatory body’s commitment to maintaining integrity within the financial sector. The bans reflect serious violations of ethical standards, particularly in cases involving significant corrupt practices. Through these measures, the FCA aims to deter similar misconduct and uphold the reputation of the UK financial services industry.
Original Source: www.amlintelligence.com
