by The affair exploded in autumn 2019 when it emerged that Credit Suisse had private detectives tail Khan, a former head of wealth management who had left the bank for competitor UBS. © Keystone / Christian Beutler The Swiss bank and its former top manager Iqbal Khan have agreed to end all pending criminal proceedings in a 2019 spying affair that toppled the company’s top brass. Speaking to the Reuters news agency, a spokesperson for Credit Suisse confirmed a report in the newspaper NZZ am Sonntag that, following an agreement between “all parties”, the matter was now closed. Credit Suisse did not provide more details about the settlement. It is not clear if in addition to Khan, the detective agency hired by the bank to tail Khan and his wife in 2019 was also part of
Topics:
Swissinfo considers the following as important: 3.) Swissinfo Business and Economy, 3) Swiss Markets and News, Business, Featured, newsletter
This could be interesting, too:
RIA Team writes Chip Momentum Is Fading Despite Strong Earnings
Chris Calton writes How Democratic Socialism Created California’s Housing Crisis
Mark Mikhalov writes Domestic Agorism: Eastern Europe’s Example of Libertarianism Without Academic Guidance
Marc Chandler writes Pause in Middle East Hostilities Spark Stock and Bond Market Rally
The affair exploded in autumn 2019 when it emerged that Credit Suisse had private detectives tail Khan, a former head of wealth management who had left the bank for competitor UBS. © Keystone / Christian Beutler
The Swiss bank and its former top manager Iqbal Khan have agreed to end all pending criminal proceedings in a 2019 spying affair that toppled the company’s top brass.
Speaking to the Reuters news agency, a spokesperson for Credit Suisse confirmed a report in the newspaper NZZ am Sonntag that, following an agreement between “all parties”, the matter was now closed.
Credit Suisse did not provide more details about the settlement. It is not clear if in addition to Khan, the detective agency hired by the bank to tail Khan and his wife in 2019 was also part of the agreement.
The public prosecutor’s office of the Canton of Zurich told the German-language newspaper that criminal charges were withdrawn “a few days ago”.
The affair exploded in autumn 2019 after it was revealed that Credit Suisse had private detectives tail Khan, who had led the bank’s wealth management division before moving to competitor UBS, and his wife. Zurich police subsequently opened a criminal probe.
The Khans also filed a criminal complaint against the detective agency Investigo, which then filed its own criminal complaint against the Khans.
Leaders resigned
The affair had far-reaching consequences. A contractor who served as a middleman in the case committed suicide. It also emerged that the bank had spied on another former top manager, Peter Goerke.
CEO Tidjane Thiam, who claimed to have been unaware of the spying activities, resigned in February 2020.
An internal investigation found then-chief operating officer Pierre-Olivier Bouée had initiated the spying. He later resigned.
Both Khan and UBS declined to comment to Reuters.
A spokesperson for the Swiss financial watchdog FINMA told the news agency that its probe into the affair, which it launched last year, was ongoing.
You Might Also Like
SNB Sight Deposits: Inflation is there, CHF must Rise
2021-07-26
Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.
Has a new price premium on cocoa really helped struggling African farmers?
2021-07-21
Farmers in Ivory Coast – the world’s largest cocoa-producing nation – are getting less for their cocoa despite the introduction of a payment that aims to secure them a living wage.
Swiss Private Banks at Odds with Clients over ESG
2021-05-17
Switzerland used to be a place where the rich came with their money to escape the world’s problems, not to confront them. These days, the private banks that dot the pristine streets of Zurich and Geneva are no exception when it comes to the wave of enthusiasm that has broken over the asset management world for better environmental, social and governance standards.
Credit Suisse plots comeback after ‘costly mistakes’ took it to the brink
2021-04-29
As Credit Suisse executives finalised an emergency $1.9 billion (CHF1.75 billion) fundraising from investors last week, a group of the bank’s prized super-rich clients from across Europe and Asia were on a separate Zoom call hosted by law firm Boies Schiller Flexner to plot a class-action suit against the lender.
Bitcoin Suisse bank license bid hits regulatory roadblock
2021-03-18
Cryptocurrency firm Bitcoin Suisse has withdrawn its application for a banking license, in part because it failed to meet the anti-money laundering requirements of the Swiss financial regulator.
Swiss government expects fast economic recovery in 2021
2021-03-11
After a weak start to the year, Switzerland’s economy should recover rapidly from a heavy coronavirus-driven slump to grow by 3% in 2021, the government said on Thursday. Gross domestic product will fall “significantly” in the first quarter of this year, after Covid-19 restrictions last December, the State Secretariat for Economic Affairs (Seco) said in a statement.
Swiss government wants to keep control of weapons exports
2021-03-07
The Swiss government has rejected calls to allow voters and cantons to set conditions for weapons exports. A people’s initiative collected enough signatures in 2019 to force a nationwide vote on the issue.
Swiss tourism boss says ski resort openings have been justified
2021-02-23
The head of the Switzerland Tourism organisation reckons the decision to open ski resorts in the country this winter has – so far – proven to be a good one.
Tags: Business,Featured,newsletter