Some Credit Suisse shareholders don’t want to absolve executives of Greensill losses – FT

ZURICH (Reuters) – Some shareholders in Credit score Suisse don’t need the financial institution to carry a vote within the annual assembly on absolving senior executives from losses racked up within the Greensill affair, The Monetary Instances reported on Sunday.

Traders have additionally raised considerations with new Chair Axel Lehmann over the financial institution’s determination to not publish a report into the lender’s failings across the collapse of Greensill final yr, the paper mentioned.

Credit score Suisse racked up a 1.6 billion Swiss franc ($1.72 billion) loss on account of the collapse of $10 billion in provide chain finance funds linked to Greensill and a $5.5 billion hit from the implosion of funding fund Archegos.

Underneath Swiss company guidelines, administrators might be held accountable for wilful or grossly negligent violations of their duties, with shareholders requested every year to free them from authorized liabilities for the earlier yr.

Approving the vote waives the administrators’ or administration’s liabilities, however solely applies to information which were disclosed to shareholders and the claims of the corporate and shareholders who accredited it.

“How can we allow them to off the hook after we do not know the total particulars of what occurred?” one shareholder informed the FT.

Switzerland’s second-largest financial institution has been working to get well property from the collapse of Greensill.

The financial institution mentioned final month it had recovered $7.3 billion within the funds that it suspended in March 2021 and has filed a complete of 11 insurance coverage claims.

The financial institution is because of publish its agenda for the AGM within the coming days. A spokesperson declined to remark to Reuters on Sunday.

Credit score Suisse commissioned Swiss legal professionals Walder Wyss and accountants Deloitte to research the case.

The report they produced has been accomplished and shared with the financial institution’s board and Swiss monetary watchdog FINMA, however “in mild of the continued restoration course of and the authorized complexities of the matter, there isn’t any intention by the Board to publish the report,” the financial institution mentioned in February.

($1 = 0.9303 Swiss francs)

(Reporting by John Revill; Modifying by Gareth Jones)