A director at Swiss cantonal bank is stepping down suddenly. The move comes after ties to controversial financial vehicle Ruvercap Investment drew fire.
Thomas Huber, a director at Graubuendner Kantonalbank, or GKB, since 2015, is stepping down with immediate effect, the local government-backed lender said in a statement on Wednesday.
«The government, as well as the board of GKB, view Thomas Huber's decision to relinquish his role in order to protect the bank's reputation as an expression of his professionality and integrity,» the bank wrote. Huber had drawn fire for his involvement for a potential conflict of interest between his role at the bank and a so-called sourcing firm to Ruvercap Investment.
GKB has plowed 70 million Swiss francs into Ruvercap, a private debt vehicle. Countless banks, pension funds, family offices, and wealth managers invested in Ruvercap, a private debt vehicle, but questions remain over the whereabouts of its funds, as finews.com reported.
