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Swiss police have raided Credit Suisse’s offices and confiscated documents relating to the collapse of its $ 10bn fund linked to Greensill Capital.
The police search came at the request of Zürich’s attorney general earlier this week.
The prosecutor has opened an investigation into Greensill’s crimes and how Credit Suisse’s proceeds from a bribery lawsuit against a British company are being managed and sold, according to two people familiar with the investigation.
Credit Suisse confirmed that their offices had been stolen, but said the bank did not have them at the moment of the investigation.
“Following the procedures that did not go against the information of Credit Suisse he obtained. Credit Suisse is in full agreement with the authorities and, meanwhile, will not comment further on this matter as this is an ongoing investigation,” the bank said in a statement.
The Zurich office did not respond to a request for comment.
The issue of drilling and exploration was the first was said writer NZZ of Switzerland on Sunday.
The investigation was launched after the Swiss government complained.
The Bern State Secretariat has issued a letter to a judge in Zürich alleging violation of the Federal Unfair Competition Act.
The complaint goes to “unidentified persons”, meaning that the prosecutor’s investigation could be expanded at any time by the organizations or persons not yet identified.
Credit Suisse’s affiliates – which included invoices paid by Greensill and the company’s borrowers, which are included in the stock market – were sold to investors as non-risk assets.
Their establishment has greatly embarrassed the Swiss bank, which has promoted some of its most prominent and important customers.
Although about $ 7bn has so far been taken, Credit Suisse told investors that of the available funds, at least $ 2.3bn it will be hard to get back.
Several lawsuits against the class have already been filed by the offenders. Cases in which cases Swiss authorities may be instrumental in their legal proceedings, when questions were asked about the strong relationship between Credit Suisse and Greensill, as well as the extent to which the bank had engaged.
The brutal tactics Greensill borrowed were not well explained to investors, say financial client cases.
Of particular concern is the relationship between Greensill and Credit Suisse and the larger steel industry, the GFG Alliance, of Sanjeev Gupta.
The UK Fraud Office also exists opened an investigation on trade between Gupta and Greensill.
The Financial Times reports on the past suspicion of invoices to Gupta businesses how Credit Suisse funds invest.
Gupta has never trampled on British soil since the SFO investigation was launched.
Thousands of British working people of Liberty Steel – a member of the Gupta group – are facing an uncertain future because the potential for the business is still high.
FT announced Friday that Gupta we spent last week is celebrating his 50th birthday on the Greek island of Mykonos.