Credit Suisse report into Greensill collapse said to be delayed
By Abigail Townsend
Date: Monday 11 Oct 2021
(Sharecast News) - An internal report into Credit Suisse's role surrounding the Greensill Capital collapse has been delayed, it was reported on Monday.
The bank commissioned the probe after it was forced to suspend a $10bn fund range linked to Greensill. The suspension in March led to the collapse of the specialist supply chain finance company.
The report's findings were expected to be published alongside the bank's third-quarter results next month. But according to the Financial Times, the report has not yet been finalised and publication will now be delayed.
The move comes shortly after a raid of the bank's Zurich headquarters by Swiss police earlier this month.
Zurich's cantonal public prosecutor has opened a criminal investigation in to Greensill's activities and the way the Credit Suisse funds were run, the FT reported at the time.
Credit Suisse confirmed that the raid had taken place, adding: "In the course of an official procedure that is not directed against Credit Suisse, data were collected. Credit Suisse co-operates fully with the authorities and will, for the time being, not make any further statements on this as this is an ongoing investigation."
Credit Suisse also declined to comment on the reported decision to push back the Greensill report's publication.
Of the $10bn suspended funds, $7bn has been collected, but the bank has warned that around $2.3bn will be difficult to recoup.
The bank is girding itself for a number of lawsuits from clients whose money was held in the funds. "A lot of angry investors think Credit Suisse mis-sold them the funds," an unnamed bank insider told the FT. "The issues will more likely to be civil matter than a criminal matter."
The report is being carried out for Credit Suisse by Deloitte and law firm Walder Wyss.
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