Credit Suisse Faces $45.5 Million Claim in Swiss Money-Laundering Trial

Swiss prosecutors are pursuing round 42.4 million Swiss francs ($45.5 million) in compensation from Credit score Suisse in a money-laundering trial on account of start on Feb. 7, the Swiss Federal Felony Court docket (FCC) stated on Monday.

The Workplace of the Lawyer Common (OAG) indicted the financial institution in December 2020 after an investigation into the actions of a Bulgarian crime ring involving top-level wrestlers accused of laundering income from cocaine trafficking.

“The OAG has said that it’s looking for compensation of round 34.8 million Swiss francs in addition to extra compensation of round 7.6 million francs from Credit score Suisse AG,” an FCC spokesperson stated in an emailed assertion.

Credit score Suisse stated it “unreservedly rejects as meritless all allegations on this legacy matter raised in opposition to it and is satisfied that its former worker is harmless.” The financial institution advised Reuters that it could defend itself vigorously in court docket.

Switzerland’s second-biggest financial institution, which is attempting to rebuild its status after a collection of scandals and the abrupt departure of its chairman, issued a revenue warning final week on account of authorized prices and a slowdown in its buying and selling and wealth administration divisions.

A abstract on the FCC’s web site exhibits Credit score Suisse is accused of failing to take all mandatory measures to stop an worker from laundering cash.

The worker, a former Credit score Suisse supervisor who was additionally indicted, is charged with having processed transactions price a number of million Swiss francs between 2004 and 2008 regardless of indications the cash might be of felony origin.

Credit score Suisse denied any wrongdoing by the worker.

($1 = 0.9318 Swiss francs) (Reporting by Silke Koltrowitz and Brenna Hughes Neghaiwi; enhancing by Alexander Smith)

{Photograph}: Credit score Suisse’s headquarters in Zurich.