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October 12, 2021

Credit Suisse to hold up Greensill report findings following police raid

By Verdict Staff

Credit Suisse will reportedly delay the publishing of findings from a report into the collapse of Greensill, for which it ran $10bn in investment funds.

The Swiss investment giant hired Deloitte and Swiss law firm Walder Wyss to prepare a report on its failings in the aftermath of Greensill scandal.

The bank has now postponed the release of the findings from the investigation, which it was hoping to publish with its third-quarter results next month, Financial Times reported citing people briefed on the plans.

Last week, Credit Suisse headquarters was raided by the Swiss police as part of an investigation linked to Greensill’s activities.

The police raid is said to have increased the stakes for the Swiss bank although the investigation was not directly against it.

Some of the top executives of the bank is concerned that the probe would extend the bank’s remit, people with knowledge of the discussions revealed to the publication.

According to the sources, these executives are currently looking at the possible impact of Greensill report on their attempt to negotiate the return of funds that was lent to the collapsed firm.

Credit Suisse board discussed a draft of the Greensill report last weekend.

Earlier this month, Credit Suisse repaid to additional $400m to the Greensill investors. To date, the bank has returned approximately $6.3bn to the clients.

It expects to pay out the rest of the $10.1bn line of funds ‘as soon as practicable in one or more instalments’.

Following Greensill explosion, Credit Suisse decided to separate its asset management business from its international wealth management unit.

This move was part of the bank’s strategy to limit the effect of the Greensill scandal from distressing its other businesses.

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