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Switzerland files criminal complaint over Greensill By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – The Greensill Bank logo is seen in Bremen on July 3, 2019, Germany. REUTERS/Fabian Bimmer

ZURICH, Reuters – The Swiss economic affairs secretariat has filed a criminal lawsuit in connection to Greensill Capital’s collapse. This was for alleged violation of the law against unfair competitors.

According to the Swiss NZZ am Sonntag newspaper, police were searched Credit Suisse Last week, (SIX) the Zurich Public Prosecution’s Office opened criminal proceedings against Greensill after receiving a SECO complaint.

The newspaper cited the office of the prosecutor as saying that no criminal investigation had been launched against any Credit Suisse Group former or current employees.

Credit Suisse, Switzerland’s second largest bank, stated on Sunday that it had collected data from them as part of an administrative procedure. This was in response to a question about NZZ am Sonntag.

Credit Suisse cooperated fully with authorities. It told Reuters that it will not, at this time, make any statements about this because this investigation is ongoing.

Credit Suisse was forced to close $10 Billion of its supply chain finance funds in March. These funds had invested in Greensill bonds when Greensill went bankrupt.

The Zurich public procuror’s office and Greensill administrator did not respond to our requests immediately.

SECO referred Reuters the Zurich prosecutor for further comments about the proceedings.

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