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Khan’s case turns into a nightmare for the CS. New evidence shows that the tracking of former top man Iqbal Khan cost a lot and was booked under a secret name.
This cannot be done without organization. Thus, the evidence suggests that Credit Suisse has taken a systematic approach to tracking backslides and rebels.
The observation of Khan, who was announced as the new leader at UBS in late August 2019, apparently began in mid-August. In total, it cost 150,668.40 francs, VAT included.
This would contradict what the CS president responsible for the investigation, Urs Rohner, and his lawyers von Homburger had said so far.
“Project: IxB Special Service” is the information on the first bill from the external security guard that was between the top of the CS and the shading office.
It’s about T., who took his own life a week after the spy operation was revealed.
T. invoiced his contact person within CS, the head of Security Risk Services, the expenses incurred “from 08/15/2019 to 09/09/2019”. Total CHF 63,329.10.
The date of August 15 is explosive. Homburger’s attorneys called in by Urs Rohner last fall stated in their Sept. 30 final report on the Khan case:
“When UBS AG announced the appointment of Iqbal Khan on August 29, 2019, Credit Suisse’s Chief Operating Officer (COO) commissioned a Credit Suisse employee to initiate surveillance of Iqbal Khan. No other employees were involved. “
Why did security guard T. start his work for “Projekt Spezial Service IxB”, ie ExB, ie Group Executive Board or Management, in mid-August?
In his report, Homburger wrote: “There are no written instructions from the moment the control order was issued.”
That may be true. Only Commissioner T.’s September 9 bill provides valuable information.
However, Homburg’s lawyers explicitly stated that they had not found any indication that “the Board of Directors and the other members of the management were aware of the surveillance before 18 September 2019.”
CS received the invoice as of September 9 along with an itemized cost statement. It was addressed to Tiefenhöfe 10 in 8070 Zurich.
It is a small side street in the immediate vicinity of the CS headquarters on Paradeplatz. So where the Confiserie Sprüngli is also, the big bank had its spy command center.
Cost details show that the operation actually began on August 29. That would fit Homburger and CS Captain Rohner’s version.
There it is written “08/29/19, contr, expenses, supplier according to customer instructions, 9600.00”. “Contr” means “Contractor”, that is, the shadow agency in charge and its detectives.
The date could indicate that those involved, after an observation phase since mid-August, have now shifted into the effective shadow of Khan.
Also under August 29, 2019 is: “TS, project work, supplier meeting in Kloten, discussion of the initial situation, instructions, etc., contact with various suppliers, customer feedback, new instructions, transfer to the provider, administrator, 900.00 “.
It really came into the money in early September. “03/09/19, contr, expenses, supplier advance, 15000.00”.
On September 9, when the follow-up of the disgraced former head of CS-Wealth Management was in full swing, the entry appears: “Contr, expenses, invoice provider until 05.09.2019, 5601.40”.
The term “expenses” is explosive. Behind this are the expenses of the agency’s tailors, which specializes in observation.
This company invoiced the intermediary T. 93,896.37 francs. That’s a lot, says one insider on the scene. “Just 24-hour shading could have been so expensive.”
By contrast, Homburger stated in his report that Khan was under surveillance almost only during the day and on business days.
“The investigation has shown that Iqbal Khan was monitored mainly during the day for seven days a week between September 4 and noon on September 17, 2019 (…),” the law firm’s report says.
The reservation of the T. security guard invoice from 9 September 2019 should play a central role in Finma’s enforcement proceedings against CS, which started yesterday.
Not so much for the amount, but above all for the question of whether such an observation was allowed.
According to one source, the account from which the amount was debited was one of Credit Suisse’s senior managers. The CS did not want to comment.
