Main defendant acquitted in Mozambique fraud case

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A federal jury in New York has acquitted the main defendant in a fraud case which plunged Mozambique into a serious financial crisis in 2016

Prosecutors had argued that the Lebanese businessman, Jean Boustani, had paid hundreds of millions of dollars in bribes to Mozambican politicians and officials, and bankers at Credit Suisse, to secure a $2bn (£1.5bn) loan for the Mozambican government. 

Mozambique did not initially disclose the loan and defaulted once it became public knowledge. International donors then cut off funds.

US prosecutors got involved after part of the loan was sold to American investors, who eventually lost their money. Three Credit Suisse bankers previously pleaded guilty in the case.Source:

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