Mozambique Debt Crisis

In one of the biggest debt scandals this decade,?the London branch of the bank, Credit Suisse has finally been fined ￡147 million, and forced to cancel ￡150 million of Mozambican debt for its role in fraudulent loans made in 2013 and 2014.?

But right now, unless we act, the people of Mozambique won’t see a penny of that ￡147 million.?

Demand Justice for Mozambique

When the scandal broke in 2016 it was revealed that the three loans, worth a total of $2 billion, were not agreed by the Mozambican parliament, which is illegal under the country’s constitution, and two were kept secret.?The funds went on useless projects, bankers who received kickbacks and to various officials who are now on trial or under arrest.??

The fraud ultimately cost the country’s economy, where 60% of the population live in extreme poverty, $11 billion.

Since then, campaigners in Mozambique have been calling for justice. As the loans were made by the London branch of Credit Suisse, the UK’s Financial Conduct Authority has issued a fine,?but instead of that fine going to the people of Mozambique, it’s currently earmarked for the UK Treasury!?

Denise Namburete from the Mozambique Budget Monitoring Forum told us:

“We maintain that the true victims of the actions by the London branch of Credit Suisse are millions of Mozambican citizens. As a result of this fraud and corruption, our nation has lost billions.

We are asking the UK Government to use this money to help the victims of Credit Suisse’s actions: ordinary people in Mozambique.”

Can you join campaigners calling for the funds to be spent on ending poverty?Mozamb