The latest instalment of The Lawyer’s annual listing of the most significant and high-profile proceedings going through the court in the next twelve months includes Republic of Mozambique v Credit Suisse, Privinvest, VTB Capital and Others.
As described by The Lawyer, this case comprises a set of 11 Commercial Court proceedings concerning the impact of alleged bribery and corruption on a set of three sovereign guarantees purportedly executed by the Republic of Mozambique, with a combined value of c. US$2 billion. The Republic (and other parties) also bring claims for consequential losses, bringing the total value of the claim to above US$5 billion. Mixed issues of liability, quantum, state immunity and jurisdiction are due to be heard together at a three-month trial before Mr Justice Knowles in October 2023.
Leverets’ multi-disciplinary team, lead by Rupert Butler, Steph Davies and Owen Vanstone-Hallam, represent Andrew Pearse and Surjan Singh – two Credit Suisse bankers who pled guilty to criminal charges in the United States, having admitted receiving over $50m of kickbacks in respect of the transaction of loans made by Credit Suisse and VTB Capital which were guaranteed by the Republic of Mozambique.