(Reuters) – Credit Suisse (SIX:) Chairman Antonio Horta-Osorio has resigned https://www.reuters.com/business/finance/credit-suisse-group-appoints-axel-lehmann-new-chairman-2022-01-16 after flouting COVID-19 quarantine rules, the bank said on Monday, raising questions over the embattled lender’s new strategy as it tries to recover from a string of scandals.

It comes less than one year after Horta-Osorio had been brought in to fix the bank’s culture. This was due to its association with Archegos, a collapsed investor firm, and Greensill Capital, a supply chain finance company.

Horta Osorio, who joined the bank as its second-largest, stated that the scandals that Switzerland’s 2nd largest bank was subject to in recent years were some of his worst experiences in his professional life.

These are the most serious crises that have afflicted the bank over the past few years.

CHAIRMAN EXIT

The personal conduct of Horta-Osorio, who joined in April 2021 from Britain’s Lloyds (LON:) Bank and was tasked with the job of fixing the bank, has come under scrutiny, with reports he breached COVID-19 quarantine rules https://www.reuters.com/business/exclusive-credit-suisse-finds-second-breach-covid-19-rules-by-chairman-sources-2021-12-29 twice last year.

After an investigation ordered by the board https://, HortaOsorio was fired.

Credit Suisse announced that Axel Lehmann (a member of the board) had been appointed chairman.

TUNA BOND FRAUD

Credit Suisse pleaded guilty to defrauding investors https://www.justice.gov/opa/pr/credit-suisse-resolves-fraudulent-mozambique-loan-case-547-million-coordinated-global over an $850 million loan to Mozambique meant to pay for a tuna fishing fleet and is paying U.S. and British regulators $475 million to settle the case under a deal announced in October.

Around $200 million was used to pay kickbacks for Credit Suisse bankers as well as Mozambican officials. According to regulators, the bank had been aware that there was an insufficient amount of funds to purchase boats. However, it failed to inform investors about this when the loan was restructured.

Credit Suisse also secured a loan, which was secretly kept from the International Monetary Fund. The IMF withdrew its support after Mozambique disclosed $1.4 billion worth of undisclosed loans. This sent the economy of southern Africa into turmoil.

ARCHEGOS DEFAULT

Credit Suisse was unable to repay $5.5 Billion due to the bankruptcy of U.S. Family Office Archegos Capital Management in March 2021.

Highly leveraged investments by the hedge fund in certain tech stocks led to the failure of their portfolio and a plummet in its credit Suisse value.

An independent report https://www.reuters.com/business/finance/credit-suisse-posts-78-q2-net-profit-decline-2021-07-29 into the incident slammed the bank’s conduct, saying its losses were the result of a fundamental failure of management and control at its investment bank, and its prime brokerage division in particular.

This report stated that the bank was focused solely on short-term profits. It failed to control Archegos’ reckless risk-taking, in spite of numerous warnings. The findings raise questions about its competence as risk management personnel.

GREENSILL FUNDS COLLAPSE

Credit Suisse had to suspend $10 billion supply chain finance funds after Greensill Capital, a British bankrupt, collapsed. Greensill Capital lost its insurance coverage for the debts it owed to companies.

The Swiss bank had sold billions of dollars of Greensill’s debt to investors, assuring them in marketing material that the high-yield notes were low risk because the underlying credit exposure was fully insured https://www.reuters.com/article/britain-greensill-credit-suisse-idCNL1N2LU0FM.

Investors have brought lawsuits against the Swiss bank for the Greensill funds. Although the bank stated that it has returned $6.3 billion to investors, it warned that it might struggle to recover $2.3 billion.

SPYING SCANDAL

Credit Suisse Chief Executive Tidjane Thiam was forced to quit https://www.reuters.com/article/us-credit-suisse-spying-ceo-idUSKBN2010L3 in March 2020 after an investigation found the bank hired private detectives to spy on its former head of wealth management Iqbal Kahn after he left for arch rival UBS.

Credit Suisse repeatedly denied that the episode was an isolated one.

However, FINMA (the Swiss financial regulator) stated in October that Credit Suisse had misled it about the scope of their spying. The bank had planned and executed seven spying operations, according to the regulator.

It said that Credit Suisse had serious organizational shortcomings and even attempted to hide its tracks with a surveillance invoice doctoring.

Credit Suisse replied that they condemned spying, and have taken “decisive” steps to enhance its governance and enforce compliance.