Home Finance Swiss prosecutors review Credit Suisse chairman’s quarantine breach

Swiss prosecutors review Credit Suisse chairman’s quarantine breach

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The brand of Swiss financial institution Credit score Suisse is seen at a department workplace in Zurich, Switzerland, November 3, 2021. Image taken November 3, 2021. REUTERS/Arnd WIegmann/File Photograph

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ZURICH, Dec 17 (Reuters) – Prosecutors within the Swiss canton of St Gallen say they’re reviewing a breach of quarantine guidelines by Credit score Suisse Chairman Antonio Horta-Osorio, an offence that might see him fined as much as 5000 Swiss francs ($5,420.64).

The financial institution mentioned on Dec. 8 that Horta-Osorio broke the foundations throughout a November journey to Switzerland when he left the nation sooner than a 10-day quarantine interval allowed.

Horta-Osorio apologised and mentioned he regretted the error and would report himself to the related authorities. On Friday, a spokesperson for the Public Prosecutors Workplace of St Gallen mentioned it had acquired a submission concerning the incident.

“The proceedings are pending,” the spokesperson mentioned, including no additional data may very well be supplied.

A consultant for Horta-Osorio declined to remark.

Credit score Suisse has mentioned he entered Switzerland on Nov 28 and left on Dec 1 when a 10-day quarantine was required. Switzerland’s banking regulator has mentioned it is usually in contact with the financial institution over the matter.

The incident comes after the Portuguese banker has mentioned stamping out dangerous and reckless behaviour on the scandal-hit financial institution was his precedence. Swiss media have honed in on the affair as damaging his skill to reform the financial institution’s tradition.

($1 = 0.9224 Swiss francs)

Reporting by Brenna Hughes Neghaiwi and Oliver Hirt
Writing by Rachel Armstrong;Enhancing by Elaine Hardcastle

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