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Credit Suisse’s boardrooms released their attorneys in the Greensill and Gupta affair. Yesterday he sent an “urgent warning” for the second time in two weeks.
The bank had already made it clear in the first letter that it was “not ready” to accept the “reports that damage reputation and business.”
“However, he continued his campaign against our clients and reported almost daily on Credit Suisse and its exhibits in a way that was factual and violent,” CS said in its current “warning”.
The letter comes from a Basel law firm that CS has commissioned from the media. His former partner, IP, had read the riot act in hundreds of text messages, some in a special tone.
A second law firm, which is prosecuting for CS and had already sued IP on behalf of the big bank, has weighed in on all of the Greensill reports.
His main partner said by phone a week ago that they now had instructions to sue. Then he requested the immediate elimination of tickets. IP has complied.
The threat of legal action has now intensified. “Therefore, we hereby ask you again and ultimately to write your report truthfully, objectively and complying with all journalistic due diligence,” is yesterday’s media office letter, which was received in advance via email.
“Credit Suisse reserves the right to take all legal measures,” he said at the end. It was in response to a story yesterday that said the bank lost up to $ 2 billion.
Later that day, Reuters reported that half of the $ 5 billion in outstanding debt in Greensill funds that CS could pay to its affected clients as compensation.
In an interview on Cash.ch, Swiss fund manager Marc Possa said that “the performance record of CS Chairman Urs Rohner … was catastrophic.” In another interview on Finews.ch, a risk specialist stated that CS management should “apologize now.”
The Financial Times, which started the case around CS and its Greensill funds a year ago, lists the companies that had received loans from Greensill, which Greensill then passed on to investors through funds.
Some of this money could disappear. The FT writes $ 1.3 billion to which the company of Indian steel magnate Sanjeev Gupta owes the fund. According to the FT, the company reported that it could not reimburse this sum.
A US coal company called Bluestone Resources said it “could not” repay $ 850 million, according to FT.
Referring to CS managers, FT later states that the bank does not expect to recover all of the $ 400 million that had ended as a loan from the US construction company Katerra through Greensill and its partner SoftBank.
“There are several other creditors who are ‘delaying’ repaying Credit Suisse funds, according to a person briefed on the asset recovery process,” schreibt die FT, und rechnet aus:
“That brings the maximum exposure at around $ 3 billion, just ahead of the bank’s net income last year, which was $ 2.9 billion.”
Above all, one could continue to talk about the relationship with the Indian Gupta, according to insider trading circles. Gupta visited CS at Paradeplatz in February. It remains to be seen how big the potential failures are for the lauded London-based Indian.
The authorities have become active with CS and other people involved. Finma is getting to the bottom of the Greensill, Gupta and SoftBank case at the big bank, and criminal proceedings are ongoing in Germany related to the closing of Greensill Bank. CS manager bonuses up to the best boards have been partially frozen.
