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Switzerland files criminal complaint over Greensill

Stock MarketsOct 03, 2021 06:25AM ET
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© Reuters. FILE PHOTO: The logo of Greensill Bank is pictured in downtown Bremen, Germany, July 3, 2019. REUTERS/Fabian Bimmer

ZURICH (Reuters) - Switzerland's economic affairs secretariat (SECO) has filed a criminal complaint in relation to collapsed financier Greensill Capital for alleged violations of the law against unfair competition, it told Reuters on Sunday.

The Swiss NZZ am Sonntag newspaper said police searched Credit Suisse (SIX:CSGN) offices last week after the Zurich public prosecutor's office opened criminal proceedings in relation to Greensill following a complaint from SECO.

"No criminal investigation has yet been opened against certain former and current employees of Credit Suisse Group," the paper cited the prosecutor's office as saying.

Credit Suisse, Switzerland's second-largest bank, said on Sunday that data had been collected from the bank as part of an official procedure that was not directed against the lender, when asked for comment about the NZZ am Sonntag report.

"Credit Suisse fully cooperates with the authorities and will, for the time being, not make any further statements on this as this is an ongoing investigation," it told Reuters.

Credit Suisse was forced in March to shut $10 billion of supply chain finance funds that invested in bonds issued by Greensill when the finance firm imploded.

Administrators for Greensill and the Zurich public prosecutor's office did not respond immediately to requests for comment.

SECO referred Reuters to the Zurich prosecutor's office for any further comment about the proceedings.

Switzerland files criminal complaint over Greensill
 

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Robert Copeland
Robert Copeland Oct 03, 2021 9:57PM ET
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No Surprise there.
 
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