Credit Suisse Faces $45.5 Million Claim – Court

0 304

Swiss prosecutors are pursuing around 42.4 million Swiss francs ($45.5 million) in compensation from Credit Suisse (CSGN.S) in a money-laundering trial due to begin on Feb. 7, the Swiss Federal Criminal Court (FCC) said on Monday.

The Office of the Attorney General (OAG) indicted the bank in December 2020 after an investigation into the activities of a Bulgarian crime ring involving top-level wrestlers accused of laundering profits from cocaine trafficking.

“The OAG has stated that it is seeking compensation of around 34.8 million Swiss francs as well as additional compensation of around 7.6 million francs from Credit Suisse AG,” an FCC spokesperson said in an emailed statement.

Credit Suisse said it “unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee is innocent”. The bank told Reuters that it would defend itself vigorously in court.

Switzerland’s second-biggest bank, which is trying to rebuild its reputation after a series of scandals and the abrupt departure of its chairman, issued a profit warning last week due to legal costs and a slowdown in its trading and wealth management divisions.

A summary on the FCC’s website shows Credit Suisse is accused of failing to take all necessary measures to prevent an employee from laundering money.

The employee, a former Credit Suisse manager who was also indicted, is charged with having processed transactions worth several million Swiss francs between 2004 and 2008 despite indications the money could be of criminal origin.

Credit Suisse denied any wrongdoing by the employee.
– Reuters

Leave A Reply

Your email address will not be published.