The Financial Times revealed that the Swiss bank is trying to hide the documents to limit the leaks that are damaging the reputation of the establishment. They involve yacht-backed loans for billionaires, mostly Russians.
Trouble is piling up for Credit Suisse. According to Financial Times, the bank simply asked investors to destroy certain documents. Its goal: “Stop the leak of information on a bank unit that granted loans to oligarchs which were then sanctioned”, writes the British business newspaper. the FT seized a letter received last week from investors asking them to destroy documents relating to loans guaranteed by “Jets, yachts, real estate and financial assets”.
The banking institution has in fact been suffering heavy losses lately. A month ago, the Financial Times has already disclosed how Credit Suisse dealt with financial arrangements “unusual” for “offloading the risks associated with loans to ultra-rich oligarchs and tycoons”, in particular as regards the chartering of yachts or aircraft. The financial newspaper points out that these loans have become very risky due to international sanctions against huge Russian fortunes since 2014. In 2017 and 2018, Credit Suisse suffered twelve defaults on its yacht and aircraft loans, including one third “Linked to US sanctions against Russian oligarchs”citing the examples of Oleg Deripaska and the brothers Arkady and Boris Rotenberg.
the FT notes that the latest Credit Suisse email left the same week that the United States, the United Kingdom and the European Union imposed new economic sanctions against Russian interests following the invasion of Ukraine. “I don’t think we’ve ever received a request like this” an investor who received the letter in question commented to the newspaper. He notes that his company only received similar notices when he accidentally received confidential documents.
A bank shaken by scandals
Since March 2021, Credit Suisse has been shaken by repeated scandals: the bankruptcy of the financial company Greensill, the implosion of the American fund Archegos, the sanctions for loans in Mozambique and the abrupt resignation of its president, eight and a half months after hiring over, for breaking the quarantine rules.
Last February, another scandal. An international journalistic investigation dubbed “Swiss Secrets” revealed questionable practices of the second largest Swiss bank. Based on information leaked from more than 18,000 bank accounts administered by Credit Suisse from the 1940s to the late 2010s, the survey found that the bank had been hosting funds raised by crime, corruption or public money embezzlement for several decades. .
Credit Suisse vehemently rejected these allegations, believing they were based on data “partial”, “inaccurate” Where is it “Extracted from the context”. The bank has yet to comment on the latest information from FT.