Vortex in Switzerland: Greensil bankruptcy has now discovered major Swiss bank Credit Suisse. It worked in conjunction with Greensil Funds.
On the bankruptcy of British-Australian financial company Greensil Capital Switzerland Waves ahead. In response to a request from Reuters, the Swiss State Secretariat for Economic Affairs announced on Sunday that it had filed a criminal complaint for violating competition laws. For more information, the authority referred to the Zurich Public Prosecutor’s Office. Greensilk administrators were initially unable to provide any comment.
“Neuer Zurcher Zeitung am Sonntag” reported that the major bank’s offices were Swiss Credit Searches were conducted and documents confiscated in connection with the Greensil bankruptcy. The newspaper, citing the public prosecutor’s office, wrote that active and former employees of the major Swiss bank would not be investigated.
Credit Suisse confirmed the search of the home to Reuters on Sunday. “As part of an official process that is not directed against Credit Suisse, data backups were (…),” the bank said. Credit Suisse is cooperating with officials and will not comment until further notice as the proceedings are ongoing.
Bankhaus first ends cooperation with Greensil
Credit Suisse drew a line with Greensil in the spring as part of the fund collaboration. It disbanded four jointly operated supply chain finance funds with a total volume of about $10 billion.
The funds from the settlement go to the investors. Last week, about $400 million of liquidation proceeds should be passed on to investors, Credit Suisse announced last Monday. With this fifth payout tranche, the amount of funds repaid will increase to approximately $7 billion.
Greensil Capital Group filed for bankruptcy in March after insurance for their funds was discontinued. The German subsidiary of Greensil Group also filed for bankruptcy in March in the Bremen District Court.
Several million euros from German municipalities in the fire
Over the years, the Bremen Institute amassed billions in savings through online portals with comparatively high interest rates such as “Weltsparen” and “Zinspilot”, which were used to secure transactions for British-Australian parent company Greensil Capital. was done for.
Money invested by institutional investors such as federal, state, local or clients such as banks can be lost. They are no longer under the protection scheme since October 2017. According to insiders, the client group is under fire for about 500 million euros – private investors are better protected.
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