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.
Credit Suisse denies these allegations
Reports about the alleged destruction of documents in CS and its associates have raised “significant concerns” about whether Credit Suisse is complying with the tough sanctions imposed by the United States and its allies over the invasion of Ukraine. So says the letter released Monday by Caroline Maloney, chair of the Oversight and Reform Committee, and Stephen Lynch, chair of the National Security Subcommittee. The signatories request Credit Suisse to provide them with information and documents relating to the securitization campaign mentioned in the media by April 11, 2022.
Credit Suisse had already responded to the allegations in early March. In the statement at the time, the big bank denied any connection with the sanctions against the Russian oligarch. It added that the disputed documents did not include any customer names or identifications of individual assets, but rather contained portfolio statistics and performance analytics. CS itself did not delete any data regarding the transaction. (SDA/sfa)
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