Document shredding not related to Russia oligarch sanctions
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Oleg deripaska owns Queen K, a luxury yacht. This was one of several Russian oligarchs that had to cancel private jet leases with Credit Suisse due to previous U.S. sanctions.
Anadolu Agency | Anadolu Agency | Getty Images
Credit SuisseCNBC’s Wednesday interview with the U.S. government stated that it will “absolutely never” uncover any evidence of wrongdoing during a probe regarding its compliance in respect to Russian sanctions.
Swiss banks are under investigationThe House Oversight Committee was notified about allegations it requested investors “destroy, permanently erase” records related to loans that were backed by private jets or yachts.
Credit Suisse sent investors the request after a Financial Times report that claimed it had offloaded risks related to the financial crisis. $2 billion of loansA group of hedge funds.
Thomas Gottstein CEO stated Wednesday that the investors’ letter had nothing to do about sanctions or loans to Presidents. Vladimir PutinYour inner circle.
“[It]Gottstein stated that destroying material related to sanctions has nothing to do.
He said, “This transaction was one-off and was very much the continuation of three previous securitized transactions that we had done before.”
It was part of our dealings with institutional investors and private placement investors. There were no relevant materials from a sanction perspective in the material.”
Gottstein replied “absolutely” when asked if the bank could answer questions.
Based on the FTThe request letters were sent in the middle of a week when the U.S.A., U.K., and EU launched new sanctions against Russia for its unprovoked invasion Ukraine.
Russian business
Gottstein also supported the bank’s position regarding Russian business. He stated that it, like all major Wall Street banks and European banks, was closing down operations in Russia after the conflict.
“As everyone else,” he stated, repeating an announcement made last month.
An indication at the Credit Suisse Group AG headquarters, Zurich, Switzerland.
Thi My Lien Nguyen | Bloomberg | Getty Images
Gottstein stated that the bank will not take on any “any new business or new clients” from Russia and would continue to reduce its exposure to Russian clients.
“Our total exposure to Russian clients — that includes Russian clients all over the world, not only the Russian clients in Russia — and we have been reducing this by 56% in terms of our credit exposure,” he said.
These remarks are in response to Credit Suisse’s release first quarter 2022 financial resultsWednesday’s report by the company showed a net loss at 273,000,000 Swiss francs ($283.5 Million).
Russia-related losses were responsible for approximately 206 million Swiss Francs in losses. The bank took an additional 155 million Swiss Francs loss. related to the Archegos scandal.
Gottstein has previously statedRussian clients account for approximately 4% of assets that the bank manages under its core wealth management division.
Gottstein indicated that approximately 4% of assets were under management by wealth management clients from Russia, whether they are Russian-domiciled residents or Russian nationals living in the West. The bank updated Wednesday that this figure had not significantly changed.
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