Datelina Subeva, A former Credit Suisse Group AG banker, entered a guilty plea this week, in US District Court in New York, to assisting in a massive $2bn money laundering and kickback scheme in Mozambique. Subeva, a Bulgarian national who says she is a Princeton graduate, pled to one count of Conspiracy to Commit Money Laundering.
According to published reports, there was a $372m loan to state-owned entities in Mozambique, with a $1m kickback, $200m of which she laundered through her own bank account. There are seven other defendants in the case, including two other Credit Suisse bankers, (who are fighting extradition from the UK) and the former Finance Minister of Mozambique. Subeva came voluntarily to the United States; she has been released on bail, which is a good indication that she intends to cooperate with the authorities.
According to published reports, there was a $372m loan to state-owned entities in Mozambique, with a $1m kickback, $200m of which she laundered through her own bank account. There are seven other defendants in the case, including two other Credit Suisse bankers, (who are fighting extradition from the UK) and the former Finance Minister of Mozambique. Subeva came voluntarily to the United States; she has been released on bail, which is a good indication that she intends to cooperate with the authorities.
This case, and previous matters that we have reported on, causes us to ask the question: is there a culture of corruption and the facilitation of money laundering at Credit Suisse, in its London office ?
Contributed by Kenneth Rijock - Financial Crime Consultant
Chronicles of Monte Friesner - Financial Crime Analyst
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