Credit Suisse settles spying case with former star banker

Credit Suisse has reached an out-of-court settlement with former star banker Iqbal Khan over allegations of spying that led to the resignation of the Chief Executive Tidjane Thiam, a spokesperson for the Swiss financial institution stated on Sunday.

"Everybody involved has agreed to settle and this matter is now closed," Simone Meier stated, confirming a report in Swiss newspaper NZZ am Sonntag.

A spokesman for Khan stated his shopper didn’t want to remark. UBS <UBSG.S>, the place Khan is now co-president of world wealth administration, declined to remark.

The settlement, particulars of which haven’t been disclosed, ends a dispute that rocked the usually sedate world of Swiss banking when allegations of company espionage involving Credit Suisse emerged in September 2019.

The affair grew to become public when Khan, after defecting to UBS, confronted a personal detective who was following him and his spouse by Zurich.

What Credit Suisse initially described as a rogue spying case run by then-Chief Operating Officer Pierre-Olivier Bouee widened as particulars emerged of different situations of surveillance.

As nicely because the departures of Bouee and Thiam, a personal investigator who organized the surveillance dedicated suicide after the affair got here to gentle.

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The NZZ am Sonntag stated the settlement would see the withdrawal of the complaints Khan had filed towards the financial institution and the non-public detectives.

"The investigations associated with the criminal charges will be discontinued," Erich Wenzinger, spokesman for the Chief Public Prosecutor's Office within the Canton of Zurich, informed the newspaper.

Enforcement proceedings by Swiss monetary markets FINMA final yr into Credit Suisse's actions have been nonetheless ongoing, a spokesman stated. He declined to touch upon how lengthy the method, which began final September, would final.

primarily based on website supplies www.cnbc.com

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