Court says Credit Suisse faces $45.5 million claim in money-laundering case -Breaking
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© Reuters. The Credit Suisse offices are entered by a man in Manhattan. This was July 5, 2016. REUTERS/Brendan McDermidZURICH (Reuters), – Swiss prosecutors pursue around 42.4 millions Swiss francs ($45.5 Million) for compensation. Credit Suisse (SIX:), in a money-laundering case that will begin Feb. 7, 2019, the Swiss Federal Criminal Court said Monday.
After an investigation into the activities of top-level Bulgarian wrestlers who were accused of laundering profits from drug trafficking, the Office of the Attorney General (OAG), indicted the bank.
According to an FCC spokesperson, “The OAG stated it was seeking damages of about 34.8 million Swiss Francs in addition to additional compensation of 7.6 Million Francs from Credit Suisse AG.”
Credit Suisse stated that it rejects all claims in the legacy case against it as unfounded and believes its ex-employee is innocent. Reuters reported that the bank would vigorously defend its case in court.
Switzerland’s 2nd-largest bank is working to rebuild its reputation following a string of scandals, including the sudden departure of its Chairman. Last week, it issued a profit warning due to legal expenses and a slowdown of its wealth management and trading divisions.
Credit Suisse was accused of not taking all the necessary steps to stop employees from laundering money.
This employee was a former Credit Suisse manager and also indicted. He is accused of having handled transactions amounting to several million Swiss Francs between 2004-2008, although there were indications that it could have been criminally obtained.
Credit Suisse has denied that the employee committed any wrongdoing.
($1 = 0.9318 Swiss francs)
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