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UBS has been acquitted in the Bulgarian cocaine trial after the death of a former employee involved in the case, leading to the cancellation of a compensatory claim against the bank. Credit Suisse, which was convicted in 2022 for money laundering linked to a cocaine network, faced significant scandals before its acquisition by UBS in 2023. The court ruled that proceeding with the case would violate the deceased's presumption of innocence.
Credit Suisse has been acquitted in a money laundering case involving Bulgarian cocaine traffickers, overturning a 2022 conviction. The Federal Criminal Court ruled that the presumption of innocence for a deceased former employee prevented a proper examination of the case, leading to the annulment of the bank's fines and compensation claims. UBS, which acquired Credit Suisse in March 2023, welcomed the decision, although an appeal by Swiss federal authorities remains possible.
A Swiss court acquitted Credit Suisse of money laundering charges linked to Bulgarian cocaine traffickers, overturning a 2022 conviction. The court cited the presumption of innocence for a deceased former employee, leading to the annulment of a 2 million franc fine and compensation claims against the bank. UBS, which acquired Credit Suisse in March 2023, welcomed the ruling, though the Swiss federal authorities may still appeal.
A Swiss court acquitted Credit Suisse of money laundering charges linked to Bulgarian cocaine traffickers, overturning a 2022 conviction. The court cited the presumption of innocence for a deceased former employee, leading to the annulment of a 2 million franc fine and compensation claims against the bank. UBS, which acquired Credit Suisse in March 2023, welcomed the ruling, though the Swiss federal authorities may still appeal.
UBS has been acquitted in the Bulgarian cocaine trial after the death of a former employee involved in the case. The Swiss Federal Supreme Court ruled that proceeding with the case would violate the presumption of innocence for the deceased, following Credit Suisse's earlier conviction and fines related to money laundering. The bank's troubles were exacerbated by scandals leading to its emergency takeover by UBS in March 2023.
A Swiss court acquitted Credit Suisse of money laundering charges linked to Bulgarian cocaine traffickers, overturning a 2022 conviction that marked the first criminal ruling against a major Swiss bank. The court cited the presumption of innocence for a deceased former employee involved in the case. UBS, which acquired Credit Suisse in March 2023, welcomed the decision, although the Swiss federal authorities may still appeal.
Credit Suisse was acquitted in a 2022 money laundering case involving a former employee who was found guilty of facilitating a drug trafficking ring's operations from 2004 to 2008. The appeal court ruled that examining the case further would infringe on the presumption of innocence due to the employee's death. UBS, which acquired Credit Suisse in March 2023, welcomed the decision, which concluded the case, pending any appeal by Swiss federal authorities.
UBS has been acquitted by the Swiss Federal Criminal Court in a case involving money laundering linked to a Bulgarian drug gang and transactions with Credit Suisse, which was acquired in 2023. The court cited the inability to investigate further due to the death of a former employee, thus upholding the presumption of innocence. The decision, which may be appealed by the Attorney General, effectively closes this long-standing case.
UBS has been acquitted in a case involving former Credit Suisse's connections to a Bulgarian criminal network linked to cocaine trafficking. The Appeals Chamber reduced sentences for two defendants, while Credit Suisse had previously been fined for deficiencies in monitoring banking relations and anti-money laundering regulations. The ruling is not final and may be appealed to the Federal Court.
The Federal Criminal Court acquitted UBS in a case involving the Bulgarian mafia, while Credit Suisse was found guilty of failing to supervise its relations and comply with anti-money laundering regulations from July 2007 to December 2008. The Swiss Federal Prosecutor's Office is appealing for a maximum fine of CHF 5 million and a compensation claim of CHF 41 million. Among the four convicted, one has died, while two others have appealed their sentences, with one receiving a 29-month prison term and the other a five-month suspended sentence.
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