Credite Suisse searches in connection with Grencelle bankruptcy

The bankruptcy of British-Australian finance company Greensill Capital continues to make waves in Switzerland. In response to a request from Reuters, the Swiss State Secretariat for Economic Affairs announced on Sunday that a criminal complaint had been filed for violating competition laws. For more information, the authority was referred to the Zurich Public Prosecutor’s Office. Greensill officials were initially unable to provide any comments.

The Neuer Zürcher Zeitung am Sonntag newspaper reported that the offices of the main Credit Suisse bank were searched in connection with Grinsel’s bankruptcy and the confiscation of documents last week. The newspaper, citing the Attorney General’s Office, wrote that active and former employees of the main Swiss bank would not be investigated.

Home inspections confirmed

Credit Suisse confirmed to Reuters on Sunday that the house had been searched. “As part of a formal action not directed against Credit Suisse, data backups (…) were in place,” the bank said. Credit Suisse is cooperating with the authorities and will not comment on this until further notice as it is an ongoing procedure.

Credit Suisse drew a line as part of the fund’s collaboration with Greensill in the spring. Dissolution of four jointly operating supply chain finance funds with a total volume of nearly $10 billion. The money from the settlement goes to the investors. Credit Suisse announced last Monday that liquidation proceeds totaling about $400 million will go to investors. With this fifth payment tranche, the total funds repaid will increase to about seven billion dollars.