The police searched Credit Suisse's offices in Zurich last week, confiscating documents related to Greensill Capital.
The Swiss police in Zurich searched Credit Suisse's office and confiscated documents related to the collapse of supply-chain lender Greensill Capital. They also started new proceedings against the now defunct entity. The bank itself confirmed to the NZZ am Sonntag (German only, behind paywall): «There was an effort to secure information as part of proceedings that are not directed against Credit Suisse.»
It refused to provide further details given that the proceedings are ongoing. Sources said the police search involved numerous current and former Credit Suisse employees.
Action Triggered by Seco
Zurich's District Attorney said that it had initiated proceedings against one of Greensill Capital's exponents as well as against various unnamed suspects. At this juncture, there are no criminal investigations being undertaken of Credit Suisse employees.
The State Secretariat for Economic Affairs (SECO) triggered the new proceedings, according to the NZZ am Sonntag. A SECO spokesperson confirmed that it had raised a criminal complaint related to the violation of Federal Competition Law.
Allegedly Fake Receipts
As the investigation involves as yet unnamed suspects, authorities may additionally probe Credit Suisse's role in connection with the collapse. The bank had extolled the fund as being low risk. In the meantime, suspicions have been raised that fund managers may have booked allegedly fake receipts.
A lawyer representing the fund's investors says the police investigation is a «positive development». It will possibly give them the ability to review the confiscated documents should criminal charges be subsequently raised.
