And finally… credit swindle

Andrew Pearse, who led the global financing group at Credit Suisse in London, made the admissions in a New York court this week as part of a plea deal agreed with prosecutors, The Times reports.

Mr Pearse and two other Credit Suisse bankers allegedly took bribes from Abu Dhabi-based naval contractor Privinvest to arrange three loans worth $2 billion for Mozambique government companies.

The $2 billion was intended to be spent on various projects for which Privinvest would provide equipment and services.

Mr Pearse appeared in court as a witness against former Privinvest salesman Jean Boustani, the alleged mastermind of the scheme, Bloomberg reports.

Credit Suisse has not been charged and Privinvest denies all the allegations.