US to Probe Credit Suisse for Allegedly Telling Investors to Destroy Oligarch Related Documents

The House Committee on Oversight and Reform asked Credit Suisse to disclose information on the bank’s compliance with international economic sanctions against Russia after reports of destroying documents with links to Russian oligarchs.

In a letter, the committee requested Credit Suisse CEO Thomas Gottstein to provide all information about the bank’s communications with its investors related to loans backed by yachts and private jets.

The committee launched the probe after reports that the bank instructed hedge fund managers and other investors through a letter to “destroy and permanently erase” any confidential information Credit Suisse provided in relation to the securitization deal transaction.

Credit Suisse declined to comment on the issue and said that the bank “serves its clients while complying with all applicable laws and regulations, including any sanctions from relevant authorities.”

Previous reports said that Credit Suisse sold off risk related to a $2 billion portfolio of loans backed by yachts, private jets, and other assets owned by the bank’s “ultra-high net worth” clients.


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