UBS Edges Towards Settlement For Mozambique Debt Scandal With $100M Deal
Portfolio Pulse from Vandana Singh
UBS Group AG is in discussions with the Mozambican government to potentially forgive up to $100 million in debt, as part of a resolution related to Credit Suisse's involvement in a financing scandal. The settlement could be announced as early as next week, helping UBS avoid a 13-week-long London trial. UBS inherited this legal issue through its acquisition of Credit Suisse. The US Department of Justice is also investigating UBS and Credit Suisse for alleged compliance failures.
September 29, 2023 | 3:38 pm
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UBS is in discussions to forgive $100M in debt to Mozambique, potentially avoiding a lengthy trial. This could have a positive impact on UBS's reputation and stock price.
The potential settlement could help UBS avoid a lengthy and potentially damaging trial, which could have a positive impact on its stock price. However, the ongoing DOJ investigation could pose a risk.
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