Business Weekly
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 23 October 2021
⏱️ 50 minutes
🧾️ Download transcript
Summary
As the Swiss bank Credit Suisse is fined $475m for participating in Mozambique’s tuna bonds fraud, on Business Weekly we find out how the southern African country was devastated by the scandal. Also, we hear how a decaying oil tanker marooned off the coast of Yemen could trigger a major environmental and humanitarian disaster. The SFO Safer is loaded with hundreds of tons of crude oil - so why is it just being left to rot? Plus, we report from a climate conference in Edinburgh where delegates are being encouraged to come up with new ways to cut carbon emissions, including a innovative and surprising diet for cattle. Business Weekly is presented by Lucy Burton and edited by Matthew Davies.
Transcript
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| 0:00.0 | Hello and welcome to Business Weekly with Lucy Burton. |
| 0:08.8 | On the show today, we'll hear how a decaying oil tanker marooned off the coast of Yemen |
| 0:14.0 | could trigger a major environmental and humanitarian disaster. |
| 0:18.9 | The ship is loaded with a million barrels of crude oil, |
| 0:22.3 | so why is it just being left to rot? |
| 0:25.5 | We'll also report from a climate conference in Edinburgh, |
| 0:28.7 | where delegates are being encouraged to come up with new ways to cut carbon emissions. |
| 0:33.0 | We'll hear all about a new, surprising, diet for cows. |
| 0:37.2 | But first, we're going to head to Mozambique |
| 0:39.5 | and the so-called tuna bond scandal. Eight years ago, three new companies took on a $1.3 billion |
| 0:46.3 | loan from the bank credit suisse. The government stood as guarantor, so if things went wrong, |
| 0:52.3 | it would pay back the money. |
| 0:57.8 | The loan was supposed to be used for various government-sponsored investment schemes, |
| 0:59.7 | including a tuna fishery. |
| 1:02.5 | But some of the funds were never accounted for, |
| 1:07.6 | and regulators found that there were kickbacks worth at least $137 million, |
| 1:10.8 | some of which went to Credit Suisse bankers. The International Monetary Fund suspended |
| 1:13.2 | its financial aid and Mozambique's economy crashed. This week, global regulators fined Credit |
| 1:19.6 | Swiss $475 million for its part in the scandal. The bank also said it would write off some of |
| 1:26.2 | Mozambique's debt. Tom Bauke is the editor |
| 1:28.8 | of Zittemar News and he's covered Mozambique for many years. These fines are going to |
| 1:34.6 | regulators in the US and in the UK, only 200 million is going to end up compensating |
... |
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