In 2016, Credit Suisse learned that EMATUM would not be able to pay back its debt, and then offered a restructuring exchange of the original bonds for Mozambique-guaranteed sovereign debt. The offering materials prepared by Credit Suisse did not disclose to investors the true nature of Mozambique's debt and the extent of missing funds. In a related SEC enforcement action, VTB Bank, a UK-subsidiary of the Russian bank, agreed to pay more than $6 million related to its role with Credit Suisse in arranging the exchange offer.