Swiss criminal charge for Green Sill


File photo: The Greensill Bank logo was taken on July 3, 2019 in downtown Bremen, Germany. REUTERS / Fabien Bimmer

October 3, 2021

Zurich (Reuters) – The Swiss Economic Secretariat (SECO) has filed criminal charges in connection with the collapse of financier Greensill Capital on suspicion of breaking unfair competition law, Reuters told Reuters.

Swiss newspaper NZZam Sonntag said police raided the Credit Suisse office last week after the Zurich prosecutor’s office filed criminal proceedings related to Greensil in response to a SECO complaint.

“Criminal investigations against some former and current employees of Credit Suisse Group have not yet started,” quoted the newspaper citing the prosecution.

Credit Suisse, Switzerland’s second-largest bank, said on Sunday that data had been collected from the banks in a formal process not addressed to lenders when asked to comment on the NZZ am Sonntag report.

“Credit Suisse is fully cooperating with the authorities and will not make any further statement at this time as this is an ongoing investigation,” he told Reuters.

Credit Suisse was forced to shut down a $ 10 billion supply chain financial fund that had invested in bonds issued by Greensil when a financial company went bankrupt in March.

Prosecutors in Greensill and Zurich did not immediately respond to requests for comment.

SECO presented Reuters to the Zurich prosecutor’s office for further comment on the proceedings.

(Report by Michael Shields; edited by David Clarke)

Swiss criminal charge for Green Sill

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