In the Matter of Credit Suisse Group AG

Admin Proc. File No. 3-20629

In the Matter of VTB Capital plc
Admin. Proc. File No. 3-20628

On October 19, 2021, the Commission issued separate, but related settled cease-and-desist orders (collectively, the “Orders”) against VTB Capital plc (“VTB Capital”) and Credit Suisse Group AG (“Credit Suisse”) (collectively, the “Respondents”) regarding an offering fraud and violations of the internal accounting controls and books and records provisions of the Foreign Corrupt Practices Act by Credit Suisse, from 2013 to 2016, in connection with three interconnected transactions involving, among others, United Kingdom-based Credit Suisse entities and Mozambican state-owned entities. The transactions include a syndicated loan and two securities offerings by Mozambican state-owned entities, the first of which Credit Suisse underwrote, structured, marketed, and distributed, and the second of which Credit Suisse underwrote, structured, marketed, and distributed as a joint lead manager with VTB Capital, another international investment bank.

In their respective Orders, the Commission ordered Credit Suisse to pay disgorgement of $26,229,233, prejudgment interest of $7,822,639, and a civil penalty of $65,000,000, and ordered VTB Capital to pay disgorgement of $2,000,000 prejudgment interest of $429,883.94, and a civil penalty of $4,000,000. The Respondents have paid in full for a total of $105,481,755.94. The funds, plus any accrued interest, are held in Commission-designated accounts at the Treasury. See Credit Suisse’s Order and VTB Capital’s Order.

On January 31, 2025, the Commission created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, and combined the funds received pursuant to the Credit Suisse Order and the VTB Capital Order into a single fund under the Credit Suisse AP so that the penalties collected, along with the disgorgement and prejudgment interest collected from both Respondents can be distributed to harmed investors (the “Fair Fund”). See the Commission’s Order: Release No. 34-102317.

On June 30, 2025, the Commission issued an order appointing Simpluris, Inc. as the Fund Administrator to oversee the administration and distribution of the Fair Fund, and set the administrator’s bond amount. See the Commission’s Order: Release No. 34-103353.

On April 10, 2026, the Commission issued an order granting the Division of Enforcement’s request for an extension of time until July 31, 2026, to submit a Proposed Plan of Distribution. See the Commission’s Order: Release No. 34-105204.

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov