The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country’s criminal law by government officials, regulators, andat the two banks, which agreed on an emergency merger last month to avoid a meltdown in the country’s financial system.
There were “numerous aspects of events around Credit Suisse” that warranted investigation and which needed to be analyzed to “identify any criminal offenses that could fall within the competence of the [prosecutor],” it said in a statement. “The Office of the Attorney General wants to proactively fulfill its mandate and responsibility to contribute to a clean Swiss financial center and has set up a monitoring system so that it can take action immediately on any issues that fall within its area of responsibility,” it added.
It gave no indication of any specific aspects of the merger agreement it might look into or how long the investigation might last.The banker Switzerland trusts to stem Credit Suisse crisis“It’s astonishing that the prosecutor would comment,” said Mark Pieth, professor emeritus of the University of Basel, where he has taught criminal law and criminology. But the rescue “is so out of the ordinary that they had to say something.
Pieth said the prosecutor could be probing breaches of secrecy provisions by officials, or the trading on inside information, adding that the
Source: Law Daily Report (lawdailyreport.net)
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