Switzerland - Credit Suisse asks investors to destroy documents linked to oligarch yacht loans
(MENAFN- Swissinfo)
According to the financial Times, investors this week received letters from Credit Suisse requesting that they destroy documents relating to a securitisation of loans backed by“jets, yachts, real estate and/or financial assets”. Keystone / Sebastien Nogier
Credit Suisse has asked hedge funds and other investors to destroy documents relating to its richest clients' yachts and private jets, in an attempt to stop information leaking about a unit of the bank that has made loans to oligarchs who were later sanctioned.
This content was published on March 2, 2022 - 09:02 March 2, 2022 - 09:02 Robert Smith in London, Financial Times
Investors this week received letters from the Swiss bank requesting that they destroy the documents relating to a securitisation of loans backed by“jets, yachts, real estate and/or financial assets”, according to three people whose firm received the request.
The letters tell the investors to“destroy and permanently erase” any confidential information Credit Suisse previously provided in relation to the transaction, citing a“recent data leak to the media” that it said had been“verified by our investigators”.
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Credit Suisse took the action after a Financial Times report last month detailing how it offloaded the risks relating to $2 billion (CHF1.84 billion) of loans to a group of hedge funds.
The Financial Times report quoted extensively from the transaction's investor presentation, which lifted the lid on closely guarded business secrets of the bank's international wealth management franchise.
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