Investors were requested by the bank to destroy documents related to securitized loans backed by assets such as jets and yachts.
Credit Suisse sent letters to investors and hedge funds, asking them to «destroy and permanently erase» information the bank previously provided regarding securitized loan transactions, the «Financial Times» (behind paywall) reported Tuesday.
The loans were collateralized with jets, real estate, yachts and financial assets, though the bank subsequently wound up these deals at the end of last year.
Suisse Secrets
The request comes on the heels of last month’s «Suisse Secrets» documents leak and is aimed at stopping potential information leaks on the collateralized loans to Russian oligarchs who were later subject to sanctions, the FT said.
Last month, the «FT» reported Credit Suisse transferred some $2 billion of loan risk to a number of hedge funds, and that in 2017 and 2018 one third of defaults on aircraft and yacht loans were triggered by U.S. sanctions against Russian oligarchs.
Credit Suisse sent the letters after the U.S., U.K and EU deployed sanctions on Russia following its invasion of Ukraine. On Monday, Switzerland said it would impose sanctions on Russia as well, matching those enforced by the EU.
The «FT» said Credit Suisse declined to comment.
