By Brenna Hughes Neghaiwi
ZURICH (Reuters) – A Swiss member of parliament has filed a criminal complaint against Credit Suisse, he told Reuters on Friday, asking the country’s attorney general to investigate potential sanctions violations after the Financial Times this week reported the bank had asked investors to destroy documents linked to loans to Russian oligarchs.
The Financial Times reported on Wednesday that Credit Suisse had asked hedge funds and other investors to destroy documents relating to its richest clients’ yachts and private jets. The report cited three individuals whose firms had received the request, and linked the request to an attempt to “stop information leaking about a unit of the bank that has made loans to oligarchs who were later sanctioned”.
Credit Suisse said on Thursday no client data had been erased within the bank when it asked investors to destroy documents relating to a transaction in November last year, in reaction to the report.
In a letter addressed to Swiss Attorney General Stefan Blaettler, Geneva-based member of parliament Carlo Sommaruga said he believed the request could amount to sanction violations.
“It is clear that if the (details) mentioned are correct, they are undoubtedly acts intended to conceal the existence of property belonging to oligarchs solely for the purpose of escaping sanctions decided by the European Union and Switzerland,” Sommaruga wrote in the letter dated March 2.
Le Temps first reported on the complaint, which Sommaruga confirmed to Reuters. Reuters reviewed the complaint.
“The destruction of documents mentioned by the Financial Times could also be considered as destruction of evidence
and obstruction of criminal proceedings,” Sommaruga said. “In this context, I ask the Office of the Attorney General of Switzerland to open a criminal investigation in order to establish the facts and to indict the natural and legal persons who gave the orders to carry out and implemented the possible criminal acts.”
The Office for the Attorney General did not immediately respond to a request for comment, sending an automated message that it was outside its operating hours.
Credit Suisse declined comment.
On Thursday, the bank said the letter mentioned by the Financial Times related to a synthetic risk transfer transaction undertaken in November 2021, adding its request was unrelated to recent sanctions.
“No data, client-related or otherwise, has been erased within Credit Suisse and, for clarity, this is in no way linked to the recent implementation of additional sanctions – with which we are fully compliant”, the bank said.
It said its entitlement to request the destruction of the data was stipulated under a non-disclosure agreement.
(Reporting by Brenna Hughes Neghaiwi; Editing by David Gregorio)
