September 28, 2022

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Credit Suisse Asks Investors to Erase Docs Tied to Oligarch Loans: FT

  • Credit Suisse asked investors to destroy documents tied to oligarchs’ yacht and jet loans, the FT reported
  • The bank said the request was after a data leak to the media but didn’t specify which one, per the FT.
  • It comes as the US, UK, and the EU sanctioned Russian oligarchs in the wake of Ukraine’s invasion.

Credit Suisse asked investors to destroy documents tied to its oligarch and wealthy clients’ yacht and private jet loans after Russia’s invasion of Ukraine, The Financial Times reported.

The move was part of the Swiss bank’s effort to prevent leaks of its dealings with oligarchs who have been sanctioned, according to The FT.

Credit Suisse wrote a letter to investors this week, asking them to “destroy and permanently erase” information linking to a securitisation of loans financed by yachts, private jets, real estate, and financial assets, three sources whose company received the letter, told The FT.

The letter was sent during the week when the US, UK, and the EU issued sanctions against Russia for its invasion of Ukraine, which included sanctioning numerous Russian oligarchs and billionaires.

Credit Suisse wrote in the letter that the request was because of a “recent data leak to the media,” which was “verified by our investigators,” according to the three people who spoke to The FT.

In late February, leaked data revealed that Credit Suisse managed hundreds of millions of dollars with known criminals and human rights abusers.

The bank declined to comment to Insider and The FT.

Credit Suisse’s request comes after The FT reported in early February that the bank had used derivatives to offload risks relating to $2 billion of loans to oligarchs and tycoons.

The FT reported an investor presentation, which showed that one-third of the defaults on Credit Suisse’s yacht and aircraft loans in 2017 and 2018 were tied to US sanctions against Russian oligarchs.