Swiss Courts Clear UBS and Former Compliance Officer in Mozambique ‘Tuna Bond’ Case

               Swiss courts have cleared both UBS and a former Credit Suisse compliance officer in the Mozambique “Tuna Bond’ case.  On April 13, 2026, media reported that Switzerland’s Federal Criminal Court found that UBS could not be held responsible for alleged misconduct related to events that occurred well before UBS took over Credit Suisse on an emergency basis.  The court explained that “(t)ransferring criminal liability to UBS, coupled with its conviction and the payment of a fine as a criminal penalty, would violate the principle of culpability” and would be against both the Swiss constitution and European Convention on Human Rights.”[1]