Mozambique's blockbuster lawsuit against Credit Suisse and others over the $2 billion 'tuna bonds' scandal can proceed to trial, a London judge ruled on Monday, despite complaints the African nation has failed to fully disclose documents.
FILE PHOTO-The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. REUTERS/Denis BalibouseSays will be vigilant against unfairness at trialLONDON, July 3 - Mozambique's blockbuster lawsuit against Credit Suisse
High Court Judge Robin Knowles said it was not just, proportionate or necessary to strike out the complex case, which encompasses 11 sets of proceedings, three months before a London trial scheduled to start on Oct. 2. The case dates back to 2013 and three deals between state-owned Mozambican companies and shipbuilder Privinvest - funded in part by loans and bonds from Credit Suisse and backed by undisclosed Mozambican government guarantees - ostensibly to develop the fishing industry and for maritime security.
Credit Suisse, UAE-Lebanese Privinvest and others argued that a lack of "adequate" disclosure jeopardised a fair trial.
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