Credit Suisse Discovers Altero Solio Violates Quarantine Twice

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An internal investigation by Credit Suisse found that Antonio Horta-Osorio violated the coronavirus quarantine rules twice, and the chairman’s personal attempt to lead a cultural review of lenders suffering from scandals. Questions were raised about the decision.

Research revealed that after Alter Osorio flew to London, he did not follow Covid’s rules when he watched the Wimbledon tennis finals on July 10 and 11. At that time, Switzerland was on the British amber list and travelers had to quarantine for 10 days on arrival.

The findings, first reported by Reuters, are submitted to the Board’s Audit Committee two weeks ago, which decides whether to take further action. Romeo Cerruti, the bank’s top lawyer, oversees the investigation.

Credit Suisse declined to comment.

The Wimbledon case occurs in addition to the previously reported violation of Swiss quarantine rules when Altero Solio enters and leaves the country within three days.

The chair moved from London to Zurich on 28 November, shortly after the introduction of a 10-day quarantine requirement in Switzerland following the identification of an omicron variant of the coronavirus.

Orta Osorio apology Due to “mistakes”, the violation was characterized as “unintentional”. However, the Swiss newspaper Brick initially reported that he had sought an exemption from both the local government and the federal government, but was informed that he would not be treated specially and would need to be quarantined for 10 days.

Nevertheless, Altero Solio flew abroad on a private jet on December 1st.

Horta-Osório could be fined up to CHF 5,000 after reporting his actions to a St. Gallen prosecutor.

Since joining Credit Suisse in April, Altero Solio’s top priority has been to solve cultural and risk management issues. This contributed to the twin crisis, which cost lenders and their customers billions of dollars.

The collapse of Greensill Capital, a specialized supply chain finance company in early March, has trapped $ 10 billion in client funds, leaving $ 2.9 billion uncollected. A few weeks later, the bank suffered the largest transaction loss of $ 5.5 billion in 165 years of history, following the collapse of Alkegos Capital, a highly leveraged family office.

Under his leadership, Credit Suisse “is committed to developing a culture of personal responsibility and accountability,” said Alter Osorio, former Lloyds Banking Group CEO. I am saying.

Bank’s major shareholders said they did not consider Altero Solio’s actions worthy of resignation, but were disappointed that the chair had created a more negative headline for the bank.

Credit Suisse’s share price fell 25% this year, while its main rival UBS rose 30%.

Credit Suisse Discovers Altero Solio Violates Quarantine Twice

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The post Credit Suisse Discovers Altero Solio Violates Quarantine Twice appeared first on Eminetra.

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