The policy protected fund customers from losses. The bank had a copy of the policy and knew when the protection ended. But she failed to act in time.
Published: 05/15/2021, 11:00 PM—
–Credit Suisse boss Thomas Gottstein is under great pressure because of the scandals surrounding the Greensill Fund and the billions in losses at Archegos.
Foto: Beat Mathys
New information in Credit Suisse Greensill Fund scandal, whose customers are threatened with losses of billions, suggests that the bank could have responded earlier. So she knew that the insurance policy, which was supposed to protect the fund customers, expired on March 1, 2021.
Because the bank has a copy of the policy in question. This is explained by two independent people with knowledge of the processes. “The bank has apparently failed to ask the right questions in time,” says one of the sources.
The insurance policy is the core of the complex construction: The financial boutique Greensill used the money from Credit Suisse fund investors to buy supplier receivables from companies at a discount. If the customers then paid the outstanding bills in full, a small profit was made.
