18:05 GMT31 May 2020
Listen Live
    Europe
    Get short URL
    0 36
    Subscribe

    The UK Financial Conduct Authority is looking into how the Credit Suisse Group AG and the Russian VTB Bank financial services corporation have handled hundreds of millions of dollars of debt, The Wall Street Journal reports citing people familiar with the matter.

    MOSCOW (Sputnik) – The debt was arranged for the purchase of military equipment and vessels for three state-backed Mozambique companies, the newspaper said on Friday. The deals included $622 million in loans to buy military equipment, $535 million in loans to build a shipyard and $850 million in bonds to buy a tuna-fishing fleet.

    Mozambique has called in a debt-restructuring specialists to determine whether it should continue paying on some related loans, The Wall Street Journal said.

    The UK Financial Conduct Authority is examining whether Credit Suisse Group AG and the Russian VTB violated any regulations concerning bond restructuring disclosures.

    Both banks used their UK operations to handle the bonds in question.

    Related:

    Deutsche Bank to Pay $2.5Bln Fine to US, UK Financial Regulators
    EU Citizens Leery of Financing Corrupt Regime in Ukraine
    UK Accountancy Regulator FRC Monitoring Tesco Over Financial Overstatement
    Tags:
    debt, VTB, Credit Suisse Group AG, United Kingdom
    Community standardsDiscussion
    Comment via SputnikComment via Facebook