A gavel rests on its sounding block with a several law books and a justice scale out of fucus in the background. A cool blue cast dominates the scene. (A gavel rests on its sounding block with a several law books and a justice scale out of fucus in t
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Almost six years after they pled guilty to U.S. charges in connection with corrupt loan arrangements, the U.K.’s Financial Conduct Authority (FCA) is banning a pair of former executives from Credit Suisse.

The regulator has permanently banned Andrew Pearse and Surjan Singh, former managing directors at the Swiss bank, who previously pleaded guilty to U.S. charges for their involvement with a corruption scheme in Mozambique. 

In 2019, Pearse pleaded guilty to conspiracy to commit money laundering and wire fraud, and Singh pleaded guilty for his role in the money laundering conspiracy, which included taking illegal kickbacks.

According to the FCA’s orders, Pearse admitted receiving US$45 million in kickbacks for his role in arranging US$1.3 billion in loans from the bank to the government of Mozambique between 2011 and 2018, and Singh admitted to taking US$5.7 million in kickbacks.   

The FCA indicated that it was waiting until Pearse and Singh had been sentenced for their U.S. convictions to take enforcement action against the pair, but that sentencing still hasn’t taken place. 

However, after they testified in related U.S. criminal proceedings in the summer of 2024, the regulator decided to go ahead with regulatory sanctions, saying that it was “appropriate to proceed” before their sentencing in the U.S., ruling that they are not fit to perform regulated activity. Both men were registered with the FCA at the time of their offences.

“Mr. Pearse and Mr. Singh were experienced executives at Credit Suisse who admit to having received over US$50 million in kickbacks. There is no place in our markets for those who engage in bribery and corruption,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA, in a release.

In 2021, U.S., U.K., and European authorities, including the FCA and the U.S. Securities and Exchange Commission (SEC), reached a global settlement with Credit Suisse Group AG and its U.K. subsidiary for defrauding investors in connection with loans to finance a tuna fishing project in Mozambique that allegedly paid US$150 million in bribes to senior government officials and more than US$50 million in kickbacks to the bankers.

In addition to the US$475 million in penalties, fines and disgorgement that were ordered in the case, Swiss regulators imposed a compliance monitor on the bank.