The Financial Conduct Authority has issued final notices banning former Credit Suisse managing directors Andrew Pearse and Surjan Singh from the UK financial services industry for lacking integrity, following their US convictions for arranging corrupt loans to the Republic of Mozambique. Pearse pleaded guilty in July 2019 to conspiracy to commit money laundering and wire fraud and admitted accepting more than USD 45m in unlawful kickbacks linked to the loans, while Singh pleaded guilty in September 2019 to conspiracy to commit money laundering and admitted accepting USD 5.7m in unlawful kickbacks. The FCA linked the bans to its earlier action against Credit Suisse, which included a GBP 145m fine in October 2021 as part of a USD 475m global settlement for financial crime due diligence failings relating to USD 1.3bn of Mozambique loans, and an agreement by the bank to write off USD 200m of debt owed by Mozambique.
Financial Conduct Authority 2025-03-03
Financial Conduct Authority bans Andrew Pearse and Surjan Singh from UK financial services over Mozambique loans corruption
The Financial Conduct Authority has banned former Credit Suisse managing directors Andrew Pearse and Surjan Singh from the UK financial services industry for lacking integrity, following their US convictions related to corrupt loans to Mozambique. Pearse and Singh pleaded guilty to conspiracy to commit money laundering, with Pearse admitting to accepting over USD 45m and Singh USD 5.7m in unlawful kickbacks. The bans are linked to the FCA's previous action against Credit Suisse, which included a GBP 145m fine and a USD 475m global settlement for due diligence failings on Mozambique loans.