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FCA bans 3RD executive for receiving kickbacks in Mozambique tuna bonds scandal

23/05/2025

The UK Financial Conduct Authority (FCA) has banned Detelina Subeva from the UK financial services industry.

Ms. Subeva is the third former Credit Suisse employee banned for lacking integrity, following their US convictions for conspiracy to commit money laundering connected to corrupt loans to the Republic of Mozambique.

2019

  • On 20 May 2019, Ms Subeva pleaded guilty in the US for her role in a conspiracy to commit money laundering, which included accepting and retaining US$200,000 from one of her co-conspirators in unlawful kickbacks in connection with the loans.
  • In July 2019, Mr Pearse pleaded guilty in the US for his role in the conspiracy to commit money laundering and wire fraud, which included him accepting over US$45m in unlawful kickbacks in connection with the loans. 
  • In September 2019, Mr Singh also pleaded guilty in the US for his role in the conspiracy to commit money laundering, which included him accepting US$5.7m in unlawful kickbacks in connection with the loans. 

2021

  • In October 2021, the FCA fined Credit Suisse over £145m as part of a US$475m global settlement for serious financial crime due diligence failings related to the loans, which the bank arranged for the Republic of Mozambique, worth US$1.3bn.
  • The loans were tainted by corruption. The FCA also secured Credit Suisse’s agreement to write off US$200m of debt owed by the Republic of Mozambique.

2025

  • Ms Subeva’s co-conspirators, Andrew Pearse and Surjan Singh, were banned in February 2025 following US convictions.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:

  • Ms Subeva admitted receiving and retaining US$200,000 in illegal kickbacks.
  • There is no place in our markets for criminal behaviour.
  • We will continue to act against those who try to exploit our financial system.’

BACKGROUND

The Credit Suisse–Mozambique loan scandal, often called the "tuna bonds" affair, was a major corruption case between 2013 and 2016. It involved over $2 billion in secret loans arranged by Credit Suisse and Russia's VTB Bank for three Mozambican state-owned companies—Ematum, Proindicus, and MAM—ostensibly to fund a tuna fishing fleet and maritime security projects.  These illicit payments were part of a broader scheme involving fraudulent loans to Mozambique, ultimately leading to significant financial losses and economic turmoil for the country. Much of the money was embezzled through bribes and kickbacks to Mozambican officials and bankers, including Credit Suisse executives.

THE SCANDAL PROMPTED MULTIPLE REGULATORY ACTIONS.

  • Credit Suisse faced substantial penalties, agreeing to pay $475 million in fines and forgiving $200 million of Mozambique's debt as part of a global settlement. The FCA received over £145 million of that penalty from the banking giant.

THREE BANKERS PLEADED GUILTY IN US COURTS

  • Three bankers pleaded guilty in US courts. Their convictions were part of a larger investigation that revealed widespread corruption involving Mozambican officials and international financiers.
    • Pearse, formerly Head of Credit Suisse's Global Financing Group, received approximately $45 million in kickbacks.
    • Singh, a Managing Director, accepted $5.7 million; and
    • Subeva, a Vice President, took $200,000.

FCA BANS IN 2025

SOURCE

FRAUD UNITED KINGDOM

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.