The Lebanese Jean Boustani is regarded as a key figure in a kickback scandal of multi-billion credits to the African country of Mozambique, which were awarded for the part of the Credit Suisse . Boustani was indicted in the United States, because he was around 200 million dollars in bribes – roughly 50 million of it to the Ex-CS-Banker Andrew Pearse – paid to have to pull for his employer Privinvest orders worth billions to the country. Nevertheless, the jury of the U.S. district court in New York cleared him now is surprising.

The ruling is a setback for the U.S. Department of justice, which is trying to fight corruption in emerging countries with criminal lawsuits. For the owner of Privinvest, the Lebanese businessman Iskandar Safa, the judgment is a great victory.

loans from Credit Suisse and VTB

The case made headlines around the world: Privinvest received without tender orders, to a coastal build up wax system, a tuna fishing fleet and shipyards in the African country. The money came from several loans, with a total of 2 billion dollars, which had been spoken to by Credit Suisse and the Russian VTB.

According to the indictment, Privinvest had organized these loans. About $ 200 million of which should have been alienated for bribery purpose. The credit contracts in the name of Moçambiques had signed the then Minister of Finance, Manuel Chang. For the billions in loans he made a state guarantee. However, the financial transaction is concluded to Parliament.

the Deal led to bankruptcy

The U.S. Department of justice, will turn on, among other things, in the case, because the Credit Suisse sold the loans later on bonds to investors. Some of the investors come from the USA and now feel deceived. Because, as the International monetary Fund (IMF), got 2016 Wind of billions of loans to the poverty-stricken Mozambique, he stopped its aid to the African country, because the question had been completed millions deal behind the back of the IMF , and the loans did not meet the criteria of the IMF. The led 2016 to Mozambique could no longer service its debt.

Andrew Pearse, Ex-CS-Banker, leaves a court last spring. Photo: Chris Ratcliffe ()

Overall, are accused in the case, in addition to Boustani a further seven Participants: Three former Banker of Credit Suisse, another Privinvest staff, and three senior representative of the state Moçambiques, including Ex-Minister of Finance, Manuel Chang.

bankers charge Boustani hard

The Ex-Banker Andrew Pearse, Surjan Singh, and Detelina Subeva had testified against the 41-year-old Boustani and a debt confession. They have received million-dollar kickbacks from Privinvest, they said. Alone, Pearse got $ 50 million, the Credit Suisse lowering its fees for Privinvest.

Nevertheless, Privinvest Manager Boustani was spoken free. His lawyers had pleaded for acquittal, because your client had nothing to do with the bond sales to U.S. investors. “Jean has never sold anything to investors, he was the only representative in Mozambique”, said his lawyer, Randall Jackson, according to the Financial Times. And that, in Mozambique, corruption is widespread, to be generally known. The jury saw apparently no US-related to the suit – and-free languages Boustani.

Created: 03.12.2019, 18:25 PM