FCA prohibits two ex-credit Suisse directors after criminal convictions in the United States

Andrew Pearse and Surjan Singh from the British financial services industry banned the Financial Conduct Authority (FCA).

In a statement today (March 4), the British regulatory authority said that the former managing directors of Credit Suisse had been banned for lack of integrity after we were convicted of arranging corrupt loans to the Republic of Mozambique.

In July 2019, Pearse in the United States owed to his role in the conspiracy of committing money laundering and wire fraud. This included accepting more than $ 45 million in connection with the loans in illegal setbacks.

In September 2019, Singh also announced in the USA for his role in the conspiracy of committing money laundering, to which he had accepted 5.7 million US dollars in illegal setbacks in connection with the loans.

In October 2021, as part of a global comparison of $ 475 million for serious diligence errors of $ 475 million, which was condemned over 145 million GBP over 145 million GBP with the loans that the bank organized for the Republic of Mosambique, worth 1.3 billion GBP. The loans were spoiled by corruption.

The FCA also secured the agreement of Credit Suisse to write down $ 200 million debts due to the Republic of Mozambique.

Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, said: “Mr. Pearse and Mr. Singh were experienced executives of Credit Suisse, who admit that they received over 50 million US dollars. There is no place in our markets for those who run bribery and corruption. “