By Ariane Luthi
SWITZERLAND’S Criminal Court said it has discontinued proceedings against Swiss bank UBS in a case tied to suspected money laundering in Mozambique.
This is because Credit Suisse, whose actions are in question, ceased to exist as a criminal-law entity as a result of its state-engineered merger with UBS in 2023, the court said.
Swiss federal prosecutors in December had accused Credit Suisse of failing to prevent money laundering in Mozambique, where loans granted to the African country’s tuna fishing fleet triggered an economic crisis there a decade ago.
Prosecutors argued that Credit Suisse and its legal successor UBS were liable over the failings.
UBS quickly responded to the court’s decision.
“We welcome the court’s recognition that UBS cannot be held liable in this matter, as such liability cannot be transferred to a legal successor through a merger,” UBS said.
The court’s decision can be appealed.
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