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In the latest fallout from Mozambique’s $2 billion “tuna bond” scandal, former Credit Swiss banker, who was paid $200,000 by senior colleagues using money from bribery, has been banned from UK financial services.
The Financial Conduct told officials that when Detelina Subeva was paid to her by a colleague named Andrew Pearse by our prosecutor, she had no idea that the money had been contaminated by corruption.
However, the FCA said that despite being immediately told that she came from the matrimony, she decided to ban her from a regulated financial services role because she was making money. She was forced to confiscate the funds in 2022 after being arrested in the US three years ago.
“We are pleased to announce that we are committed to providing a range of services to our customers,” said Steve Smart, co-executive director of FCA’s enforcement and market surveillance. “There is no place for criminal activity in our market.”
Subeva was one of three former credit Suisse Bankers charged in the US for their role in one of Africa’s biggest corruption scandals. UK regulators said in March it banned Pearse, a 55-year-old New Zealander, and Surjan Singh, another credit manager, after pleading guilty in the US six years ago to accepting at least $52 million in bribery linked to a loan placed in Mozambique.
Subeva, a 43-year-old Bulgarian, also pleaded guilty in a New York court in 2019 for a conspiracy to launder money. US prosecutors said Pierce shared some of the bribery bes she received with her. She was later sentenced to time already in custody after assisting authorities who indicted the two co-conspirators.
The FCA had to delay the announcement of Subeva’s ban after being sent a warning notice, as she initially challenged the results of the regulatory investigation.
Subeva quit his job as Vice President of Credit Suisse shortly after receiving money contaminated with accounts held in the United Arab Emirates in June 2013.
“We have decided to continue working with our conspirators and conspirators to raise more Mozambique funds in a situation where we must be aware of the risk that more corrupt payments could be made,” the FCA said.
The former Credit Suisse Banker said when the FCA “when the funds were paid to her account without her knowledge,” “she may be somehow responsible for the misconduct of others,” and she, according to the regulator, only learned of their contaminated origins.
However, the fact that the FCA dismissed this and admitted that she kept the money after being told she came from the bribes showed Subeva’s “lack of an ethical compass.” She then decided not to challenge the FCA decision in the Superior Court.
Tuna bonds originate from a $2 billion deal in 2013 in Mozambique, one of the poorest countries in the world, and ostensibly borrow from international investors to fund maritime projects, including the province’s tuna fisheries, ahead of investments in offshore gas.
The auditor later discovered that the company behind the debt would be paid to the odds of the equipment, without considering the $500 million money raised through the loan.
In 2021, the FCA fined £147 million credit Switzerland for serious financial crimes for the hard work of Mozambique bonds.
The controversy over Mozambique bonds was one of several well-known scandals that plagued the reputation of Credit Switzerland, revealing weak risk management and contributing to the loss of trust that ultimately led to the bank’s acquisition of the bank by UBS.
Subeva could not be reached for comment. UBS declined to comment.
