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The UK’s Financial Conduct Authority has banned Detelina Subeva, a former Credit Suisse vice president, for her involvement in the Mozambique "tuna bond" scandal, where she accepted $200,000 in kickbacks. This follows similar bans for Andrew Pearse and Surjan Singh, who received $45 million and $5.7 million, respectively, for arranging corrupt loans totaling $1.3 billion for Mozambique. The scandal, which led to significant financial turmoil in Mozambique, has resulted in ongoing legal actions and substantial penalties for Credit Suisse.
Detelina Subeva, a former executive at Credit Suisse, has been banned from the UK’s financial services industry, becoming the third banker to face such a penalty due to the "tuna bonds" corruption scandal. This scandal involved the bank paying hundreds of millions in fines related to a $2 billion loan scheme in Mozambique.
The UK's Financial Conduct Authority has banned former Credit Suisse Vice President Detelina Subeva for her role in the Mozambique loan scandal, following her guilty plea for money laundering. Subeva accepted $200,000 in kickbacks as part of a scheme involving over $2 billion in fraudulent loans, which led to significant financial turmoil in Mozambique. She joins two other former Credit Suisse bankers, Andrew Pearse and Surjan Singh, who were previously convicted and banned for similar offenses.
A couple has lost 54,000 francs due to the collapse of Credit Suisse and is now seeking compensation from the federal government. This follows their investment in the bank's shares shortly before its downfall. The Federal Supreme Court is set to make a decision on the matter.
A couple is seeking compensation from the Confederation after losing CHF 54,000 due to the downfall of Credit Suisse, in which they invested shortly before its collapse. The Federal Supreme Court is set to decide on the matter this Friday.
Raiffeisen will close its branches in Courtételle and Courrendlin as of June 30, transitioning to appointment-only customer advice. The decision follows a significant decline in foot traffic and changing consumer habits, though ATMs and a free cash delivery service will remain available. All jobs at the bank will be preserved.
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UBS is offering pensioners 90% compensation for losses incurred from risky currency products, a surprising move for the bank. Clients, including a pensioner who lost nearly half a million, were not adequately warned about the dangers of these investments, leading to significant financial distress. This offer aims to mitigate potential court cases stemming from the bank's lack of due diligence in selling these high-risk products to retail clients.
Swiss banks, including UBS, Julius Baer, and Deutsche Bank, are facing backlash over the sale of high-risk foreign exchange derivatives, particularly Range Target Profit Forwards (RTPF), which have led to significant losses for clients following a drop in the US dollar. UBS is reportedly negotiating compensation with affected clients, many of whom claim they were misled about the complexity and risks of these products. While Julius Baer asserts it only markets such products to knowledgeable investors, it denies any customer complaints related to recent market turmoil.
UBS faces a scandal over the sale of risky foreign exchange derivatives to private clients, leading to significant losses totaling up to CHF 2.9 million for individuals and potentially hundreds of millions overall. Internal meetings reportedly pressured advisors to sell these complex products without adequately informing clients of the risks involved. In response, UBS has begun discussions on compensation for affected clients, while regulatory scrutiny intensifies, raising concerns about investor confidence and the bank's future.
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FCA Bans Former Credit Suisse Banker Over Mozambique Loan Scandal
15:54 23.05.2025
Credit Suisse Executive Banned in UK Over Tuna Bonds Scandal
14:31 23.05.2025
FCA Bans Ex-Credit Suisse VP Over Mozambique Loan Scandal Involvement
12:50 23.05.2025
Couple Seeks Compensation After Losing 54000 Francs in Credit Suisse Collapse
08:35 22.05.2025
Couple Seeks Compensation After Losing 54000 CHF in Credit Suisse Collapse
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raiffeisen closes branches in two villages adapting to changing banking habits
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aastocks.com limited disclaims liability for investment information and performance accuracy
10:57 20.05.2025
ubs offers 90 percent compensation to pensioners amid dollar scandal
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Swiss banks face backlash over risky foreign exchange derivatives sales
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UBS faces backlash over risky derivatives sales to private clients
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