Swiss police raid Credit Suisse’s offices over bank’s links to collapsed financing house Greensill Capital
Swiss police have raided Credit Suisse’s offices over the bank’s links to the collapsed financing house Greensill Capital.
Credit Suisse was a Greensill creditor and had around £7.4billion tied up with the group, which was set up by Australian entrepreneur Lex Greensill and was advised by David Cameron.
Police seized documents in the raid after the Zurich public prosecutor launched a criminal investigation into Greensill’s activities and Credit Suisse funds.
Probe: Credit Suisse was a Greensill creditor and had around £7.4billion tied up with the group
Greensill lent money through supply chain financing to companies including Sanjeev Gupta’s GFG Alliance, which ran into trouble.
Greensill went bust in May.
Although Credit Suisse has recouped most of the cash it had tied up with Greensill, around £1.7billion may be harder to recover.
Credit Suisse confirmed its offices had been raided, but said the bank was not a party to the investigation.