The Swiss bank could feel the consequences of the Greensill bankruptcy.
(Photo: Reuters)
Zurich The bankruptcy of the British-Australian finance company Greensill Capital continues to make waves in Switzerland. In response to a Reuters request, the Swiss State Secretariat for Economic Affairs announced on Sunday that a criminal complaint had been filed for violating competition laws. For further information, the authority referred to the Zurich Public Prosecutor’s Office. The Greensill administrators were initially unable to provide any comments.
The “Neuer Zürcher Zeitung am Sonntag” reported that offices of the major Credit Suisse bank were searched in connection with the Greensill bankruptcy and documents were confiscated last week. The newspaper wrote, citing the public prosecutor’s office, that active and former employees of the major Swiss bank will not be investigated.
Credit Suisse confirmed the house searches to Reuters on Sunday. “As part of an official procedure that is not directed against Credit Suisse, data backups (…) took place,” said the bank. Credit Suisse is cooperating with the authorities and will not comment on this until further notice because the proceedings are ongoing.
Credit Suisse drew a line under the fund collaboration with Greensill in the spring. It dissolved four jointly operated supply chain finance funds with a total volume of approximately ten billion dollars. The funds from the settlement go to the investors.
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Last week, liquidation proceeds totaling around $ 400 million should go to investors, Credit Suisse announced last Monday. With this fifth distribution tranche, the sum of the repaid funds will rise to around seven billion dollars.
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