Finance
Swiss Court Shelves Case Against UBS Over Credit Suisse's Actions in Mozambique
Published by Global Banking & Finance Review®
Posted on April 10, 2026
2 min readLast updated: April 10, 2026
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Switzerland’s Criminal Court has dropped proceedings against UBS in a money‑laundering case tied to the Mozambique debt scandal, stating that Credit Suisse, whose actions were under scrutiny, no longer exists as a criminal‑law entity following its 2023 merger into UBS. The court deemed continuation
Swiss court shelves case against UBS over Credit Suisse actions in Mozambique
Swiss Criminal Court Discontinues UBS Proceedings
Background of the Case
ZURICH, April 10 (Reuters) - Switzerland's Criminal Court said on Friday it had discontinued proceedings against UBS over a case tied to suspected money laundering in Mozambique relating to Credit Suisse, which the Swiss bank acquired in 2023.
Reason for Discontinuation
The court said it had reached its decision on the grounds that Credit Suisse, whose actions were in question, ceased to exist as a criminal-law entity as a result of the state-engineered merger with its rival UBS three years ago.
Details of the Mozambique Scandal
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' Arguments
Prosecutors argued that Credit Suisse and its legal successor UBS were liable over the failings.
UBS Response and Legal Implications
UBS Statement
UBS quickly responded to the court's decision.
Official UBS Comment
"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.
Appeal Possibility
The court's decision can be appealed.
(Reporting by Ariane Luthi, Oliver Hirt and Miranda MurrayEditing by Dave Graham)
Key Takeaways
- •The Swiss Criminal Court discontinued the case against UBS because the alleged wrongdoing pertains to Credit Suisse, which ceased to exist as a separate legal entity post‑merger in 2023 (bundesanwaltschaft.ch).
- •Credit Suisse and UBS had both been charged by the Office of the Attorney General for failing to prevent money‑laundering tied to Mozambique loans (‘tuna bonds’), involving over $2 billion in loans between 2013–2016 (bag.admin.ch).
- •The case underscores challenges in holding successor firms criminally liable for pre‑merger misconduct, especially when the original legal entity no longer exists (bundesanwaltschaft.ch).
References
Frequently Asked Questions about Swiss court shelves case against UBS over Credit Suisse's actions in Mozambique
1Why did the Swiss court discontinue the case against UBS?
The court discontinued the case because Credit Suisse ceased to exist as a separate entity after merging with UBS in 2023.
2What was the investigation related to?
The investigation was tied to suspected money laundering involving Credit Suisse's actions in Mozambique.
3When did Credit Suisse merge with UBS?
Credit Suisse merged with UBS in 2023 following a state-engineered deal.
4Who reported on the Swiss court's decision?
The report was made by Ariane Luthi.
5What is the significance of the merger for criminal proceedings?
The merger meant Credit Suisse no longer existed as a criminal-law entity, leading to the case being shelved.
