CREDIT SUISSE CASE
The Federal Prosecutor’s Office wants a clean Swiss financial center
Was there a breach of official secrecy, espionage and insider trading? The Attorney General of the Confederation has opened an investigation into the circumstances of the leaks on the takeover of Credit Suisse by UBS.
Published
Stefan Blättler’s services have opened an investigation into media leaks during the last days of Credit Suisse.
AFP
The last dramatic days of Credit Suisse (CS), with meetings behind closed doors of the Federal Council and the search for banks to find a way out, have given rise to leaks in the media, in particular foreign ones, recalls the “NZZ on Sunday». This may have influenced the financial terms and contractual provisions of the agreement.
The Federal Prosecutor’s Office now wants to clarify what has led to this situation: “We have taken note of the media coverage of the events of recent days around CS and have carried out an assessment of the situation with all internal sectors involved “, He writes in response to a question from the German-speaking newspaper on a possible violation of official secrecy.
National and cantonal surveys
The services of Stefan Blättler, the Attorney General of the Confederation, indicate that they have also contacted the national and cantonal authorities and have given them investigation mandates. Without wanting to specify the object or objects of the investigation, it therefore seems to go well beyond possible leaks, notes the Sunday newspaper. The Public Ministry thus writes that it wants to proactively assume its “responsibility to contribute to a clean Swiss financial centre”. This in particular by saving and using information in order to identify and analyze possible offenses within its jurisdiction. If this were the case, “immediate action would be taken”, explains the Public Ministry.
From economic espionage to insider trading
In addition to a possible breach of official secrecy by Swiss officials, Mark Pieth, an expert in criminal law and the fight against corruption, believes that other offenses are taken into account in these investigations by the Attorney General of the Confederation. “If information has been disclosed by foreign authorities involved, it could relate to economic espionage,” he notes.
And if bankers, who are not subject to official secrecy, transmitted confidential information, it would be a violation of business secrecy. Finally, violations of criminal law on insider trading, which prohibits price and market manipulation, could also be considered.
(ewe)