UBS achieved a significant legal victory when the Swiss Federal Criminal Court dismissed money laundering charges that the bank took over after the acquisition Credit Suisse. The case was related to a long-standing scandal surrounding the so-called mozambick�ch �tu��kov�ch dluhopis��just one of the most famous scandals of the European banking sector in recent years. The court decided, �e trestn� odpov�dnost for the current illegal transaction, it cannot be automatically transferred to UBS as the legal successor after the takeover of Credit Suisse. According to the court, such a procedure would contradict the principle guilt and it would not be in accordance with either the Austrian Constitution or the European Convention on Human Rights. For UBS, the verdict can be postponed, because it limits the risk that it will continue to bear the legal consequences for the historical blunders of its former rival. The whole affair goes back about a decade, when Credit Suisse financed projects in Mozambique related to coastal protection and the fishing fleet. From these trades, they took bond transactions in the volume of approx 2 miliard USDwhich were later linked to corruption, bribery and ignoring warning signals inside the bank. Credit Suisse already agreed to pay me in 2021 475 milion� USD while leveling things up around the world. However, the plaintiffs continued to file separate lawsuits, alleging that the bank failed to prevent suspicious money flows related to fees for these loans. But the court has now clearly separated the historical liability of Credit Suisse from the current position of UBS. This is positive news for investors, as it reduces the uncertainty surrounding possible further legal costs after the crisis takeover of the bank in 2023. However, the case is not yet completely closed. The lawsuit against the former employee will continue compliancewhich, according to the prosecutor, knew the possible connection of some payments to payments, but instead of looking at the suspicious activity, he just terminated the business relationship. The French prosecutor's office has more to go 10 dn� on possible appeal. From the market's point of view, the decision is mainly positive for UBS, which has been trying to convince investors for a long time that the takeover of Credit Suisse will not lead to an uncontrollable increase in legal and reputational risks. Each similar court victory will thus help strengthen confidence that the integration of a problematic competitor will not be as costly for UBS as some investors initially feared.
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