Credit Suisse faces US probe after telling investors to ‘destroy documents’ linked to oligarch yacht loans

Judith Zeng

(CNN) — The Home Oversight Committee released a probe Monday into Credit rating Suisse, demanding documents joined to the bank’s compliance with sanctions on Russian oligarchs.

In a letter to Credit score Suisse CEO Thomas Gottstein, US lawmakers questioned the financial institution to flip more than facts and documents about a portfolio of loans backed by yachts and personal jets owned by customers, perhaps which include sanctioned Russian folks.

In specific, House Oversight Chair Carolyn Maloney and Rep. Stephen Lynch, chair of the Subcommittee on Countrywide Security, expressed alarm more than Credit rating Suisse inquiring hedge money and other investors to “demolish paperwork” associated to yachts and non-public jets owned by the bank’s purchasers.

“Supplying the timing of this request and its topic issue,” the Dwelling Democrats wrote, “Credit history Suisse’s motion raises substantial issues that it could be concealing info” about whether members in the deal could be “evading sanctions” imposed by the West soon after Russia’s invasion of Ukraine.

The letter, 1st reported by The Wall Street Journal, asks Credit rating Suisse to make a collection of paperwork by April 11.

Credit history Suisse declined to comment on the letter, referring inquiries to past statements from the bank.

The aim on Credit history Suisse started immediately after a new Financial Instances report, which stated the financial institution experienced trimmed some of its exposure to $2 billion of loans designed to rich consumers to finance non-public planes and yachts. The FT later on reported Credit Suisse asked buyers to ruin deal files linked to oligarch and tycoon yacht loans.

Credit score Suisse verified in a March 3 statement that it did talk to non-collaborating traders in a November 2021 transaction to “destroy files,” but that this was “in no way connected to the new implementation of further sanctions, with which we are thoroughly compliant.”

The lender stated the paperwork shared with investors did not have any shopper names and/or asset identifiers and “no information, shopper-relevant or if not, has been erased within Credit score Suisse.”

“Reminding events to damage confidential info is very good housekeeping and excellent facts cleanliness,” Credit Suisse claimed in the assertion. “The transaction and the request to non-collaborating traders to demolish confidential information are solely unrelated to the ongoing conflict in Eastern Europe.”

This tale was initially posted on CNN.com, “Credit rating Suisse faces US probe following telling traders to ‘destroy documents’ connected to oligarch yacht loans.”

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