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Swiss police raided Credit Suisse’s office and seized documents related to the collapse of the $ 10 billion fund range associated with Greensill Capital.
A police investigation was conducted earlier this week at the request of a Zurich state prosecutor.
The prosecution said that Credit Suisse’s fund, which funded the controversial lending scheme of British companies, was managed and sold, according to two people familiar with the investigation. Criminal investigation has started.
Credit Suisse confirmed that the office had been attacked, but said the bank itself is not currently a party to the investigation.
“It was collected during a formal process that was not directed to Credit Suisse’s data. Credit Suisse is in full cooperation with the authorities and this is an ongoing investigation, so for the time being no more. I will not make a statement. ”
The Zurich Prosecutor’s Office did not respond to requests for comment.
The news of the raid and investigation First reported According to Swiss NZZam Sonntag.
The investigation was initiated in response to a complaint from the Swiss government.
Bern’s National Economic Secretariat has filed documents with the Zurich prosecutor, alleging a possible violation of federal unfair competition law.
The complaint is intended for an “unknown person.” This means that the prosecutor’s investigation can be expanded at any time to include institutions and individuals that have not yet been specifically nominated.
The Credit Swiss Supply Chain Finance Fund consists of invoices payable by its borrowers to Greensil, packaged in investment products and sold to investors as low-risk financial products.
Their breach was a serious embarrassment for Swiss banks, who pitched them to some of their most prestigious and valuable customers.
Approximately $ 7 billion has been recovered so far, but Credit Suisse tells investors about the outstanding funds: At least $ 2.3 billion It will be more difficult to return.
Many class actions have already been filed by angry investors. Criminal accusations by Swiss authorities will be an important issue for Credit Suisse’s close relationship with Greensill and their legal efforts to question the amount of due diligence made by banks.
Greensil’s very aggressive lending practices were not properly disclosed to investors, said a lawyer for the fund’s client.
Of particular concern is the relationship between Greensill and Credit Suisse and the GFG Alliance, Sanjeve Gupta’s vast metal forging empire.
The British Serious Fraud Office The investigation has started For financial transactions between Gupta and Greensil.
The Financial Times previously Suspicious nature of the invoice For Gupta’s business invested by the Credit Suisse fund.
Gupta has not set foot in British soil since the SFO investigation began.
Thousands of British employees at Liberty Steel, part of the Gupta conglomerate, face an uncertain future as their business feasibility is balanced.
FT is Gupta on Friday Spent last weekend We are generously celebrating our 50th birthday on the island of Mykonos, Greece.
Credit Suisse offices raided over Greensill funds Source link Credit Suisse offices raided over Greensill funds