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Geneva drops money laundering probe into Credit Suisse

EditorEmilio Ghigini
Published 01/17/2024, 03:23 AM
© Reuters.

GENEVA - The Geneva prosecutor's office, led by Yves Bertossa, has concluded its investigation into Credit Suisse for suspected money laundering activities connected to the actions of former banker Patrice Lescaudron. Despite initial suspicions regarding transactions dating from 2008 to 2014, the probe has been terminated due to a lack of evidence implicating the firm in any laundering acts.

Lescaudron, who was previously acquitted of fraud and forgery charges in 2018, has been at the center of legal scrutiny for his handling of client funds. However, the latest development signifies that Credit Suisse will not face legal consequences for money laundering in this context.

The aftermath of Credit Suisse's legal challenges has been inherited by UBS Group AG (NYSE:UBS) following a government-led rescue that resulted in UBS taking over its rival. UBS now confronts potential liabilities, including possible damages for oversight failures that allowed Lescaudron to deceive clients.

One of the victims, Bidzina Ivanishvili, is contesting the closure of the case. The contention indicates that the fallout from Lescaudron's actions continues to affect those involved, and UBS Group AG may still have to navigate the complexities of the legal issues inherited from Credit Suisse.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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