FCA Bans Former Credit Suisse Executives Over Mozambique Corruption Scandal

The Financial Conduct Authority (FCA) has permanently banned Andrew Pearse and Surjan Singh from the UK financial services industry, citing a lack of integrity following their involvement in a high-profile corruption scandal.

Both former managing directors at Credit Suisse, Pearse and Singh were convicted in the US for arranging fraudulent loans to the Republic of Mozambique, which were riddled with corruption and financial crime.

US Convictions & Multi-Million Kickbacks

Andrew Pearse pleaded guilty in July 2019 to conspiracy to commit money laundering and wire fraud. He admitted to accepting over US$45 million in unlawful kickbacks related to the loans.

Surjan Singh pleaded guilty in September 2019 to conspiracy to commit money laundering, admitting to receiving US$5.7 million in illegal payments.

Credit Suisse’s £145m FCA Fine & Debt Write-Off

In October 2021, the FCA fined Credit Suisse over £145 million as part of a US$475 million global settlement for serious due diligence failures linked to the Mozambique loans, worth US$1.3 billion. The loans were found to be tainted by corruption, and as part of the settlement, Credit Suisse agreed to write off US$200 million in debt owed by Mozambique.

FCA Stance on Corruption

Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, stated:

"Mr Pearse and Mr Singh were experienced executives at Credit Suisse who admit to having received over US$50m in kickbacks. There is no place in our markets for those who engage in bribery and corruption."

This latest enforcement action reinforces the FCA’s commitment to maintaining integrity in financial markets and preventing financial crime within the UK’s banking sector.

Read the press release here.