Andrew Pearse, a London-based former Credit Suisse banker, pleaded guilty to wire fraud in federal court in Brooklyn, New York, on Friday. Photo: Reuters/FileNew Zealand man Andrew Pearse has admitted taking millions of dollars in kickbacks as part of a multi-billion dollar scandal that threatened to bankrupt the poor African nation of Mozambique. In their indictments, US prosecutors portray Pearse as one of the ringleaders of the multi-national fraud, which has also implicated the country's former finance minister and about 20 others. Bloomberg reported that Pearse, a London-based former Credit Suisse banker, pleaded guilty to wire fraud in federal court in Brooklyn, New York, on Friday. It's unclear whether Pearse is co-operating with US prosecutors as his plea agreement and all other related records were placed under seal.

Source: Otago Daily Times July 22, 2019 02:15 UTC