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The shadow scandal involving former Credit Suisse chief banker Iqbal Khan (44) is entering a new round. Financial market supervisory authority Finma has opened so-called enforcement proceedings against lead bank CS, in the “context of the shadow issue”, as Finma announced on Wednesday.
In the process, they want to investigate indications of supervisory law violations in the context of the bank’s surveillance and security activities. “In particular, the question of how these activities were documented and controlled.”
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In connection with the matter, it was learned that the main CS bankers used messaging services such as WhatsApp or Threema to exchange information between themselves in secret. So far, these secret deals could not be documented.
Finma doesn’t want to answer any more questions. The authority assumes that the process will take “several months.”
The shading flew in September
Since December 2019, an independent Finma auditor has been investigating what happened at Credit Suisse around September 17, 2019. Iqbal Khan and his wife were spied on, pursued and captured by private detectives on behalf of Credit Suisse. Shortly before, it emerged that the banker was moving from CS to rival UBS. The shadows opened and led several executives to leave the bank, including CEO Tidjane Thiam (58).
The shadow scandal has resulted in criminal charges and prosecutions. But not much happened in the main proceedings. But there is movement on the matter, as SonntagsBlick reported in early August: On September 23, 2020, Khan, his wife, and a private detective have to go to the prosecutor for questioning.
What did former CS CEO Thiam know?
It has long been clear how the shadowing was carried out and that it was commissioned by Credit Suisse through an intermediary. The only thing that is not clear is who at the bank knew about the follow-up: were only former chief of security Remo Boccali (49) and former chief of operations Pierre-Olivier Bouée (48) involved? Or maybe there is evidence that former CS boss Thiam knew about it, contrary to official Credit Suisse statements?
Credit Suisse has issued a statement that the large bank wants to cooperate “fully” with Finma. “Together with the supervisory authority, we will actively work towards a full and expeditious processing of this matter,” said the CS. You also don’t want to answer any more questions about the execution process. (aurochs)
