The Swiss bank and its former top manager Iqbal Khan have agreed to end all pending criminal proceedings in a 2019 spying affair that toppled the company’s top brass.
This content was published on
2 minutes
swissinfo.ch/Keystone-SDA/gw
Speaking to the Reuters news agency, a spokesperson for Credit Suisse confirmed a report in the newspaper NZZ am Sonntag that, following an agreement between “all parties”, the matter was now closed.
Credit Suisse did not provide more details about the settlement. It is not clear if in addition to Khan, the detective agency hired by the bank to tail Khan and his wife in 2019 was also part of the agreement.
The public prosecutor’s office of the Canton of Zurich told the German-language newspaper that criminal charges were withdrawn “a few days ago”.
The affair exploded in autumn 2019 after it was revealed that Credit Suisse had private detectives tail Khan, who had led the bank’s wealth management division before moving to competitor UBS, and his wife. Zurich police subsequently opened a criminal probe.
The Khans also filed a criminal complaint against the detective agency Investigo, which then filed its own criminal complaint against the Khans.
Leaders resigned
The affair had far-reaching consequences. A contractor who served as a middleman in the case committed suicide. It also emerged that the bank had spied on another former top manager, Peter Goerke.
CEO Tidjane Thiam, who claimed to have been unaware of the spying activities, resigned in February 2020.
An internal investigation found then-chief operating officer Pierre-Olivier Bouée had initiated the spying. He later resigned.
Both Khan and UBS declined to comment to Reuters.
A spokesperson for the Swiss financial watchdog FINMA told the news agency that its probe into the affair, which it launched last year, was ongoing.
Popular Stories
More
Banking & Fintech
UBS releases ‘hundreds’ of staff in fresh wave of job cuts
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
Lack of funds ends third bid to salvage Säntis ship from Swiss lake
This content was published on
A third attempt to salvage the steamship Säntis, lying at the bottom of Lake Constance in Switzerland since 1933, has failed before it has even begun.
Nestlé Waters on trial in France over illegal waste dumps
This content was published on
Bottled water producer Nestlé Waters to stand trial, accused of illegally dumping waste and maintaining unauthorised dumps.
Swiss army chiefs defend botched procurement projects
This content was published on
Swiss defense Minister and military heads defend against parliamentary and media criticisms of problematic procurement projects.
Swiss cheese exports recorded second-best year in 2024
This content was published on
A total 79,268 tons of Swiss cheese worth CHF748.5 million was exported abroad in 2024 - a 7.9% increase in annual sales from the previous year.
This content was published on
Insects benefit from storm devastation, says a 20-year study by the Swiss Federal Institute for Forest, Snow and Landscape Research.
This content was published on
The parents of the young jihadist who left for Syria to join the Islamic State have been given suspended sentences by the Federal Criminal Court.
This content was published on
Felix Lehner, Pamela Rosenkranz and Miroslav Sik have been awarded the Swiss Grand Award for Art/Prix Meret Oppenheim 2025.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Credit Suisse scandal shakes Zurich’s elite
This content was published on
What should have been a mere embarrassment for Switzerland’s second-largest bank has ended up as something far more significant.
This content was published on
The director of the Swiss national film archives explains how Hollywood is helping to keep clichés about dishonest Swiss bankers alive.
Credit Suisse snooped on Greenpeace, newspaper says
This content was published on
The bank, which was rocked by an internal spying scandal last year, also conducted ‘espionage’ against Greenpeace, the SonntagsZeitung has reported.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.