Bribery allegations against Russian bank mar trade with Africa

RUSSIA / FSU POLITICS - In Brief 11 Nov 2019 by Alex Teddy
On November 8 a court in New York heard a case about Credit Suisse that led to the defendant, Andrew Pearse, making accusations against VTB Group. The bank is owned USD 535 million by Mozambique. Makram Abboud, a VTB executive, is said to have taken USD 2 million in bribes. In 2013 Credit Suisse and VTB lent over USD 2 million to Mozambique. This was supposed to be top secret. When the IMF found out in 2016 it stopped all but emergency loans to the African nation. The son of the former president of the country has been sent to prison in relation to these VTB loans. Mozambique may have legal grounds to demand restructuring of the loans if a VTB official received kickbacks in relation to the loans. VTB says there is no impropriety by Abboud or anyone else. The US alleges that the loans were supposed to finance projects that were largely non-existent such as a tuna fishing fleet and the money was going to be embezzled.

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