Credit Suisse Says Will Defend Itself Vigorously Against Charges Brought By Switzerland AG Office

(RTTNews) - In a statement in response to the decision by the Office of the Attorney General of Switzerland on Thursday, Credit Suisse Group AG (CS) said it is astonished by the decision to bring charges against the bank and other parties in an investigation that has already lasted more than twelve years.

The bank added that it rejects the allegations about supposed organizational deficiencies and intends to defend itself vigorously. The Swiss Federal Criminal Court can order the disgorgement of profits and also impose a maximum fine of 5 million Swiss Francs in such proceedings.

The charges stem from criminal proceedings against former Bulgarian clients of Credit Suisse related to allegations of money laundering being conducted by the Office of the Attorney General of Switzerland since February 2008.

The investigation, which relates to the period from 2004 to 2008, was later expanded to include two former Credit Suisse employees. Since 2013, it also encompasses allegations of organizational deficiencies against the bank.

Credit Suisse has unreservedly rejected as meritless all allegations raised against it and is convinced that its former employee is innocent.