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Credit Suisse Struggles with Scandal Over Leaked Client Data with Criminal Strings 

UTC by Ibukun Ogundare · 3 min read
Credit Suisse Struggles with Scandal Over Leaked Client Data with Criminal Strings 
Photo: Depositphotos

Credit Suisse has issued a statement in response to the allegations from the leaked client data. The banking company said it “strongly rejects” the accusation.

Investment banking company Credit Suisse (NYSE: CS) is currently dealing with a scandal that resulted from leaked client data. The leaked data shows that Credit Suisse offers its services to criminals, sanctioned abusers, and alleged human rights abuses. The company is now a trending subject over the leaked records of more than 18,000 leaked Credit Suisse accounts. Reports showed that a whistleblower disclosed the information to German newspaper Süddeutsche Zeitung. After that, the newspaper shared its findings with the Organized Crime and Corruption Reporting Project (OCCRP). In addition, the German daily newspaper revealed the information to 46 other news firms. These include the Guardian of Britain and the New York Times. 

According to the media reports, the leaked accounts hold over $100 billion. Also, the data revealed that some of the bank’s clients include a Yemini spy chief and the sons of Hosni Mubarak, a former dictator in Egypt. Some Venezuelan officials with ties to a corruption scandal are also on the list. Other dubious characters in connection to the bank include Serbian drug lord Misha Banana. An Algerian general with an association with torture accusation is also on the list.

A press release from the OCCRP says that the accounts in question were opened between the 1940s and the 2010s. The co-founder of the anti-corruption organization said in a statement:

“I’ve too often seen criminals and corrupt politicians who can afford to keep on doing business as usual, no matter what the circumstances, because they have the certainty that their ill-gotten gains will be kept safe. Our investigation exposes how these people can bypass regulation despite their crimes, to the detriment of democracies and people all over the world.”

Credit Suisse Denies Allegations Triggered by Leaked Data

Credit Suisse has issued a statement in response to the allegations from the leaked client data. The banking company said it “strongly rejects” the accusation. 

“The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretation of the bank’s business conduct.”

 Credit Suisse said it has received “numerous inquiries” from the authorities regarding the accounts with leaked data in the last three weeks. As a result,  the bank has closed about 90% of them before the information came into the limelight. The bank added that is shut down more than 60% of the accounts before 2015.

Credit Suisse stock is down 0.34% to $8.90 at extended trading hours. 

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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