Inquiry to focus on whether emergency state-backed UBS takeover breached criminal law
Switzerland’s federal prosecutor has launched an investigation into whether last month’s state-backed takeover of the stricken bankThe office of the attorney general said it was looking into potential breaches by government officials, regulators and executives at the two banks whoover a frantic weekend in mid-March to prevent a wider financial meltdown.
“In light of recent events, the federal prosecutor’s office wants to proactively fulfil its mission and responsibility to contribute to a clean Swiss financial centre, and has set up monitoring in order to take immediate action in any situation that falls within its area,” the Berne-based prosecutor said.
It wants to analyse the “numerous aspects of events around Credit Suisse” – including those reported in the media – to “identify and assess any crimes that could fall within the competence of the prosecutor”., Stefan Blättler, has been in contact with national and regional authorities and has issued a number of “investigatory orders” to gather information. Blättler’s office is expected to interview key officials about the takeover, but declined to comment further.
After growing concerns about the future of Credit Suisse, one of the 30 banks in the world deemed too big to fail, the Swiss government and the banking regulator forced through the takeover of the bank byhad failed to halt the dramatic slide in its share price.to oversee the takeover, wants to cut its workforce by as much as 30% after completing the deal, putting up to 36,000 jobs at risk, according to a report in Swiss newspaper SonntagsZeitung.
Ermotti takes the helm on Tuesday, the same day Credit Suisse is holding its annual meeting of shareholders in Zürich, where it is expected to face intense questioning by investors, as will UBS at its annual meeting in Basel the following day.
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