Swiss regulator is investigating the ex-CEO of Credit Suisse – Kommersant
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Switzerland’s banking regulator (FINMA) has launched an investigation against former Credit Suisse CEO Thomas Gottstein. About this today, July 2, wrote the Swiss newspaper SonntagsBlick with reference to sources. The regulator believes that the bank “seriously violated” risk management requirements when interacting with fintech startup Greensill Capital, a high-profile bankruptcy which happened in 2021. According to SonntagsBlick, several employees of Credit Suisse are being investigated, including Mr. Gottstein.
Greensill Capital specialized in supply chain financing and the sale of company debt to investors. After the company started having problems, Credit Suisse froze $10 billion in funds through which Greensill sold its financial instruments to investors. The bank said earlier that it has already transferred $6.8 billion from Greensill funds to investors, but a significant part of the funds has not yet been transferred. FINMA has already criticized Credit Suisse for not taking a responsible approach to risk management.
At the beginning of the year it became known about serious problems in Credit Suisse. In March, Swiss authorities persuaded another Swiss bank, UBS, to redeem Credit Suisse to save it from collapse. UBS and FINMA declined to comment on information about the investigation.
The history of the collapse of Credit Suisse – in the material “Kommersant” “The whole of Switzerland is in terrible turmoil”.
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