ZURICH, March 20 — Credit Suisse was a pillar of Swiss banking that rapidly collapsed, its foundations fatally undercut by repeated missteps that left it shaky when storms in the...
ZURICH, March 20 — Credit Suisse was a pillar of Swiss banking that rapidly collapsed, its foundations fatally undercut by repeated missteps that left it shaky when storms in the banking sector began swirling.
Greensill’s collapse threw a number of companies into difficulty — none more than Credit Suisse, which was particularly heavily invested in the firm. The credits, granted between 2013 and 2016, were supposed to finance maritime surveillance, fishing and shipyard projects, but were partly diverted for bribes.
The probe, coordinated by the Organized Crime and Corruption Reporting Project, said leaked information on more than 18,000 bank accounts dating back to the 1940s showed Credit Suisse held more than US$8 billion in the accounts of criminals, dictators and rights abusers. The court found that the Credit Suisse affiliate “was prioritising the revenues Mr Lescaudron generated for Credit Suisse over the interests of its clients”.In June 2022, Credit Suisse was slapped with a US$2 million fine in a money laundering case linked to a Bulgarian cocaine network.
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