Skip to main content

Credit Suisse penalty.

 


Credit Suisse agreed to a 238mn Euro penalty.

The deal resolves one of the Swiss lender’s outstanding headaches before a restructuring this week. The latest case is determined from a series of European investigations into undeclared Swiss bank accounts. In France alone, prosecutors have settled similar claims with HSBC and are pursuing penalties in court against UBS. The bank is set to unveil an overhaul under chief executive Ulrich Körner on Thursday and had been keen to clear the French probe beforehand, according to people familiar with the matter.

Part of the probe focused on how the bank captured 4,999 French clients, with assets under management amounting to a cumulative €2bn, according to the judge who oversaw the deal. In 2017, HSBC reached the first settlement using the new legal format in France, which allows parties to avoid a guilty plea in exchange for immediate penalties, similar to some US legal arrangements. HSBC agreed to pay €300mn to resolve claims it had lured French clients to its Swiss bank. The aviation group Airbus has delivered the most significant no-plea settlements of the 13 in France to date, with a €2bn penalty over bribery allegations.

www.sba.tax

Labels:

Comments

  1. Matthew30 October 2022 at 00:18

    I don't know if just letting companies or banks get away with certain things by just paying fines is enough. Shouldn't they be held accountable more so they aren't inclined to do it again in the future?

    ReplyDelete
  2. Leah2 November 2022 at 21:27

    When you're dealing with assets amounting 2Bn Euros, 300 million Euros doesn't seem like that much of a deal. It's the best scenario for them as a bank.

    ReplyDelete

Post a Comment

Cloud Bookkeeping

HS2 cost cuts new routes and add delays.

 Trans­port depart­ment offi­cials have begun work on «Project Sil­ver­light» sug­gest­ing the high­speed rail scheme might face four addi­tional years of delay. The planned High Speed 2 rail line faces fur­ther delays of up to four years and more cuts to the project under plans being drawn up by min­is­ters to rein in its bal­loon­ing costs. The extra delays to the coun­try’s biggest infra­struc­ture project would mean that it would not be com­pleted until as late as 2045 — 12 years after ori­gin­ally planned. «This is a func­tion of infla­tion; we are hav­ing to find huge sav­ings because the cost of everything the depart­ment is already doing will have become so much more expens­ive by then,» said one gov­ern­ment offi­cial. In Octo­ber, the FT repor­ted that the Treas­ury had asked HS2’s man­age­ment team to identify poten­tial cuts or «scope reduc­tions» to the high-speed line. Trans­port depart­ment offi­cials have sub­sequently begun work on Project Sil­ver­light aimed at fi...
4 comments
Read more

Doubt on CS's collateral.

  Credit Suisse provided an emergency $140mn loan to Greensill Capital based partly on invoices to companies that deny ever doing the business stated on the documents. The Swiss bank provided the loan in October 2020, less than five months before the collapse of Greensill, a supply chain finance firm that counted former British prime minister David Cameron as a senior adviser. Invoices issued by metals magnate Sanjeev Gupta’s Liberty Commodities and sold to Greensill formed part of the collateral for the loan, according to documents seen by the Financial Times and people familiar with the transaction. Yet several of the parties named on the invoices have told the FT they did no business with Liberty. GFG has consistently denied any wrongdoing. Credit Suisse’s loan had a clause dictating that the collateral value had to be equal to or greater than the $140mn borrowed. The terms of the debt agreement only allowed invoices on Green-sill’s balance sheet to count towards this tally if t...
2 comments
Read more

Tax cut

  Sterling tumbled against the dollar to below $1 . 09 ,  hitting its lowest point since 1985 ,  after UK chancellor Kwasi Kwarteng unveiled a £45bn debt-financed tax-cutting package that sparked a historic increase in borrowing costs .  Kwarteng’s political and economic gamble includes the biggest set of tax cuts for 50 years ,  with the end of the 45p additional rate for the highest earners as well as a sharp reduction in levies on dividends .  But concern over the amount of debt required to finance the tax cuts triggered a frenetic day of trading that raised doubts on whether Britain’s new economic approach was sustainable .  «Britain will be remembered for having pursued the worst macroeconomic policies of any major country in a long time» . Kwarteng has staked the political fortunes of the Conservative party on the bet that the radical tax cuts and deregulation will raise Britain’s sluggish growth rate to 2 . 5 per cent .  «This is a new appr...
Post a Comment
Read more