Vortex in Switzerland: Grensel’s bankruptcy has now led to searches at major Swiss bank Credit Suisse. This was working with Greensill funds.
The bankruptcy of British-Australian finance company Greensill Capital continues to make waves in Switzerland. In response to a request from Reuters, the Swiss State Secretariat for Economic Affairs announced on Sunday that a criminal complaint had been filed for violating competition laws. For more information, the authority was referred to the Zurich Public Prosecutor’s Office. Greensill officials were initially unable to provide any comments.
The Neuer Zürcher Zeitung am Sonntag newspaper reported that the offices of the main bank Credit Suisse were searched in connection with Grinsel’s bankruptcy and the confiscation of documents last week. The newspaper, citing the Attorney General’s Office, wrote that active and former employees of the main Swiss bank would not be investigated.
Credit Suisse confirmed to Reuters on Sunday that the house had been searched. “As part of a formal action not directed against Credit Suisse, data backups (…) were in place,” the bank said. Credit Suisse is cooperating with the authorities and will not comment on this until further notice as procedures are underway.
Bankhaus has previously terminated its collaboration with Greensill
Credit Suisse drew a line as part of the fund’s collaboration with Greensill in the spring. Dissolution of four jointly operating supply chain finance funds with a total volume of nearly $10 billion.
The money from the settlement goes to the investors. Credit Suisse announced last Monday that liquidation proceeds totaling about $400 million will go to investors. With this fifth payment tranche, the total funds repaid will increase to about seven billion dollars.
Greensill Capital Group filed for bankruptcy in March after insurance on its funds was halted. The German subsidiary of the Greensel Group also filed for bankruptcy in the Bremen District Court in March.
Millions of Euros from German Municipalities in Fire
For years, the Bremen Institute collected billions of savings through online portals such as Weltsparen and Zinspilot with relatively high interest rates, which were used to secure transactions for the British-Australian parent company Greensill Capital.
You may lose money invested by institutional investors such as federal, state or local clients or similar banks. They are no longer subject to the protection regime since October 2017. According to informed sources, the client group has about 500 million euros in flames – private investors are better protected.