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Credit Suisse settles spying case with former star banker

Stock MarketsJul 25, 2021 09:35AM ET
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© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) -Credit Suisse has reached an out-of-court settlement with former star banker Iqbal Khan over allegations of spying that led to the resignation of the Chief Executive Tidjane Thiam, a spokesperson for the Swiss bank said on Sunday.

"Everybody involved has agreed to settle and this matter is now closed," Simone Meier said, confirming a report in Swiss newspaper NZZ am Sonntag.

A spokesman for Khan said his client did not wish to comment. UBS, where Khan is now co-president of global wealth management, declined to comment.

The agreement, details of which have not been disclosed, ends a dispute that rocked the normally sedate world of Swiss banking when allegations of corporate espionage involving Credit Suisse (SIX:CSGN) emerged in September 2019.

The affair became public when Khan, after defecting to UBS, confronted a private detective who was following him and his wife through Zurich.

What Credit Suisse initially described as a rogue spying case run by then-Chief Operating Officer Pierre-Olivier Bouee widened as details emerged of other instances of surveillance.

As well as the departures of Bouee and Thiam, a private investigator who organised the surveillance committed suicide after the affair came to light.

The NZZ am Sonntag said the settlement would see the withdrawal of the criminal complaints Khan had filed against the bank and the private detectives.

"The investigations associated with the criminal charges will be discontinued," Erich Wenzinger, spokesman for the Chief Public Prosecutor's Office in the Canton of Zurich, told the newspaper.

Enforcement proceedings by Swiss financial markets FINMA last year into Credit Suisse's actions were still ongoing, a spokesman said. He declined to comment on how long the process, which started last September, would last.

Credit Suisse settles spying case with former star banker
 

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Comments (3)
Kaveh Sun
Kaveh Sun Jul 25, 2021 6:18PM ET
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Bosses spy on employees is nothing new. Ur boss is spying on u. It is just matter of getting caught.
dorman bell
dorman bell Jul 25, 2021 3:59PM ET
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Jason Bourne is back in Switzerland ? 8-)
Bret Lafrance
Bret Lafrance Jul 25, 2021 10:01AM ET
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This explains why Credit Suisse has had such a long string of “settlements” to desl with, no one is running the bank as the top brass are too busy with their personal problems and making isdues like this “go away”. Yet, they still exist… huh, makes me wonder if any of these “star” CEO’s, Gates. Musk, Bezos, Dimon, etc… are anything more, or maybe they just have better fixers?
 
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