Credite Suisse research in the context of the Grencelle bankruptcy

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The bankruptcy of Anglo-Australian finance company Greensill Capital continues to make waves in Switzerland. In response to a request from Reuters, the Swiss State Secretariat for Economic Affairs announced on Sunday that a criminal complaint had been filed for violation of competition laws. For more information, the authority was referred to the Zurich prosecutor’s office. Greensill officials were initially unable to provide comment.

The Neuer Zürcher Zeitung am Sonntag newspaper reported that the offices of the main bank Credit Suisse were raided in connection with the Grinsel bankruptcy and the confiscation of documents last week. The newspaper, citing the attorney general’s office, wrote that active and former employees of the main Swiss bank would not be investigated.

Home inspections confirmed

Credit Suisse confirmed to Reuters on Sunday that the house had been searched. “As part of a formal action not directed against Credit Suisse, data safeguards (…) were in place,” said the bank. Credit Suisse is cooperating with the authorities and will not comment on this until further notice as this is an ongoing proceeding.

Credit Suisse ended its collaboration with Greensill in the spring. Dissolution of four supply chain finance funds operating jointly with a total volume of nearly $ 10 billion. The settlement money goes to the investors. Credit Suisse announced last Monday that the liquidation proceeds totaling approximately $ 400 million will go to investors. With this fifth installment of payment, the total funds repaid will increase to approximately $ 7 billion.


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