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CS President Gotstein has to go to the US Parliament due to Russian sanctions

Big Job for CS CEO Thomas Gotstein (58): Asked by a US House of Representatives committee in a letter to clarify the compliance of the major Swiss bank with sanctions against Russia. The background is the alleged destruction of oligarchic loan documents.

The lawsuit was announced in early March by a report in the Financial Times. CS is said to have asked investors and hedge funds to destroy documents on private yachts and planes for their wealthier clients. Yachts and planes served as collateral for loans. Borrowers: Russian oligarchs who later end up on international sanctions lists. In their letter, US parliamentarians write that these borrowers apparently defaulted on loans in connection with US sanctions against the Russian oligarchy.