Credit Suisse investigated by Geneva prosecutors in Turkish case
15 Nov 2018

Geneva prosecutors said on Tuesday they are looking at whether Credit Suisse (CSGN.S) exercised adequate oversight of money deposited in its accounts that belonged to Turkish investors who suffered losses.

Two independent asset managers who used Credit Suisse accounts to deposit money from wealthy Turkish clients are suspected of covering up losses linked to the Turkish lira’s collapse in 2013.

Prosecutors recently began investigating whether Credit Suisse should have done more to halt transactions that led to losses, the Tages-Anzeiger newspaper reported.

Geneva prosecutors confirmed they had expanded an existing criminal investigation to include four people employed by Credit Suisse SA at the time.

– By John Miller and Oliver Hirt, Reuters, 13 November 2018

Link to Reuters.

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