ZURICH Nov 27 Geneva prosecutors have opened
legal proceedings against a suspended Credit Suisse
banker accused of violating his fiduciary duties in a case
brought by wealthy Turkish families who say they lost 300
million Swiss francs ($296 million), SonntagsZeitung reported.
Two independent Turkish asset managers who oversaw money for
wealthy clients that was deposited in Credit Suisse accounts are
suspected of illegally covering up losses linked to the Turkish
lira's collapse in 2013, the newspaper reported.
The suspended Credit Suisse employee is blamed for not
halting transactions made by the Turkish asset managers, even
after significant deficits piled up, the newspaper reported.
"These continued, extraordinary losses should have alarmed
the bank," a lawyer for one of the wealthy Turks who lost money
in the alleged scam told SonntagsZeitung.
A phone call seeking comment from the Geneva prosecutors
office was not answered late Sunday afternoon.
The suspended Credit Suisse banker, whom the newspaper said
faces prison should he be convicted in Geneva courts, contends
he did nothing wrong and that he cleared transactions with his
"My client denies all the accusations," his lawyer told the
Credit Suisse said no criminal proceeding had been opened
against the bank.
"The current criminal investigation is not targeted at
Credit Suisse, it is mainly focused on representatives of (the
Turkish fund managers' firm)," a Credit Suisse spokeswoman in
"We cannot comment on this matter in view of the ongoing
investigation. Credit Suisse complies with all applicable laws
and regulations in all countries in which it operates."
The bank, which notified authorities in March 2015 after
learning of the losses through one of the alleged Turkish
victims, earned about 80 million francs in commissions from the
transactions, SonntagsZeitung reported.
The bank did not confirm the commission figure.
($1 = 1.0130 Swiss francs)
(Reporting by Mark Potter)