Plus   Neg

Credit Suisse Says Will Defend Itself Vigorously Against Charges Brought By Switzerland AG Office

In a statement in response to the decision by the Office of the Attorney General of Switzerland on Thursday, Credit Suisse Group AG (CS) said it is astonished by the decision to bring charges against the bank and other parties in an investigation that has already lasted more than twelve years.

The bank added that it rejects the allegations about supposed organizational deficiencies and intends to defend itself vigorously. The Swiss Federal Criminal Court can order the disgorgement of profits and also impose a maximum fine of 5 million Swiss Francs in such proceedings.

The charges stem from criminal proceedings against former Bulgarian clients of Credit Suisse related to allegations of money laundering being conducted by the Office of the Attorney General of Switzerland since February 2008.

The investigation, which relates to the period from 2004 to 2008, was later expanded to include two former Credit Suisse employees. Since 2013, it also encompasses allegations of organizational deficiencies against the bank.

Credit Suisse has unreservedly rejected as meritless all allegations raised against it and is convinced that its former employee is innocent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Intel Corp. (INTC) Thursday reported a profit and revenues for the first quarter that trumped Wall Street estimates, driven by continued demand for PCs. Moving ahead, the company lifted its full-year outlook. Santa Clara, California-based Intel reported first-quarter profit of $3.36 billion or $0.82... A third of those American adults now refusing to get vaccinated would get vaccinated if they could take a pill instead of getting the vaccine shot, according to a poll conducted by Quadrant Strategies and commissioned by biotechnology company Vaxart, Inc. A pill vaccine is expected to overcome vaccine resistance of millions of Americans. While reporting financial results for the first quarter on Thursday, Biogen Inc. (BIIB) raised its adjusted earnings guidance for the full-year 2021, but maintained revenue outlook. For fiscal 2021, the company raised its adjusted earnings guidance to a range of $17.50 to $19.00 per share from the...
Follow RTT