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The powerful U.S. Senate Finance Committee has asked Credit Suisse to provide new evidence following recent allegations that the Swiss lender breached the terms of its major 2014 liquidation for tax evasion.
Senator Ron Wyden, chairman of the committee, also wrote to U.S. Attorney General Merrick Garland on Tuesday to ask the Justice Department to provide additional information related to the case, for which Credit Suisse was fined 2.6 billion. dollars.
Wyden’s decision is a two-month punishment for Credit Suisse, hit by the twin crises surrounding Greensill Capital and Archegos Capital. Last week on raised bench $ 1.9 billion in capital to bolster its balance sheet after reporting a $ 5.4 billion trade loss, the largest in a decade, linked to the collapse of Archegos, a family office.
Swiss credit he pleaded guilty in 2014 to a “wide-ranging conspiracy” to help U.S. customers evade taxes and was the world’s first major bank in two decades to admit criminal charges.
But last month, several former Credit Suisse bankers who originally whistled their employer urged U.S. authorities to reopen the case, saying tax evasion continued “long after the declaration agreement and the sentence “.
Former employees say the bank did not report to the DoJ at the time of its agreement on a $ 200 million account it had for Dan Horsky, a wealthy Israeli-American professor of economics. Horsky was sentenced in 2016 to seven months in prison and fined $ 124 million for hiding hundreds of millions of dollars from U.S. tax authorities.
“If Credit Suisse, a repeat offender, doesn’t take responsibility for the Horsky affair, corporations that don’t pay their fair share of taxes will think they can get out playing with the U.S. tax system while everyday Americans continue paying their fair share, ”said Jeffrey Neiman, a lawyer representing the complainants.
In a letter seen by the Financial Times, which was sent Tuesday to Credit Suisse chief executive Thomas Gottstein, Wyden wrote: “Public records and federal court documents raise important questions about whether Credit Suisse has fully complied with its agreement. of claim, including that of the bank “not disclosing more than $ 200 million in undeclared assets it had in offshore accounts for U.S. customer Dan Horsky.”
Wyden also asked Credit Suisse to clarify details in the testimony given by the bank’s former chief executive, Brady Dougan, to the U.S. Senate Committee on Homeland Security and Government Affairs.
If Credit Suisse is found to be in breach of its claims agreement, the Department of Justice may file new charges against the bank and may even suspend or revoke its license to operate in the United States.
Credit Suisse said: “After our liquidation in 2014, Credit Suisse has fully cooperated with the US authorities and will continue to do so.”
The bank’s annual shareholders’ meeting is taking place this Friday when Lloyds Bank’s outgoing chief executive, António Horta-Osório, will be confirmed as the new chairman.
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