For Credit Suisse, the case of the ex-president of Georgia is turning into a nightmare. The influential Wall Street Journal puts one online on the front page great report.
After that, those responsible in the Geneva CS office changed again and again, as a result of which early warnings were lost. The rich Russian’s private banker had an easy time of it.
The CS adviser was sentenced to 5 years in prison in Geneva. He took his own life there last summer.
The Georgian and other wealthy people who had lost a lot of money because of the CS banker have been attacking CS for years – with expensive lawyers and full-page advertisements in the English-language business press.
Your latest attack under the name “CS Victims“The bank particularly hurts. The Wall Street Journal has a lot of influence.
Specifically, the paper makes public that Finma had obtained a report on the case from an external law firm. This shows that the bank and its managers have failed contrary to previous statements.
They repeatedly looked the other way instead of going to the bottom of internal clues. The concerns of critical employees have been ignored, “time and time again”, writes CS Victims on your website.
The Internet site is operated by lawyers for CS victims with 1 billion losses, it says there.
The private banker, who came from the cosmetics industry and started working for the bank primarily because of his knowledge of Russian, was only able to commit his major fraud for years because of the constant looking away from the CS managers.
If those responsible at CS had reacted to the warnings earlier, this would have “most certainly led to the discovery of the fraud much sooner, limiting the harm to clients”, according to CS Victims.
The rich Russians want to use the Finma lawyers’ report to get compensation from CS for their losses.
The lawyers of Geissbühler, Weber & Partner state in their “Project Beta” report for the attention of the banking supervisory authority that CS constantly reorganized its Eastern European business between 2012 and 2015.
“On average, every two years there were changes in positions and employees at several case-relevant levels,” writes the Wall Street Journal with reference to the lawyers’ report, the “CS Victims” has published.
„This circumstance led, among other things, to insufficient communication and delegation of P.L.’s misconduct and the supervisors’ responsibilities and tasks with regard to P.L.“
The abbreviation stands for the later convicted Patrice Lescaudron.
The CS tried by all means to keep the Zurich law firm’s report secret. The bank was successful with this for a long time. For example, a Geneva court ruled in 2017 to prohibit publication.
The CS tries to appease. “The information in the report is from an early stage in a completed review. This review did not provide any facts that would support a criminal investigation against Credit Suisse. “