Swiss ministry fines ex-Credit Suisse chief over spying scandal

Switzerland’s Finance Ministry has imposed a suspended financial penalty and a fine on former Credit Suisse chairman Urs Rohner over allegations that he provided misleading information to the country’s financial regulator during a corporate spying scandal.

According to Swiss broadcaster SRF, Rohner was fined 24,840 Swiss francs ($28,227) under a criminal order issued on October 20. The case relates to surveillance operations carried out by Credit Suisse against current and former employees between 2016 and 2019.

The scandal came to light in 2019 after the bank was found to have monitored several senior employees, including former wealth management executive Iqbal Khan. The controversy eventually led to the departure of then-chief executive Tidjane Thiam in 2020.

Investigators found that Rohner had signed a response to Switzerland’s financial regulator, FINMA, in 2019 describing the surveillance of Khan as an isolated incident. However, a subsequent investigation identified seven surveillance operations that had been planned or carried out over a three-year period.

Rohner has rejected the allegations and requested a judicial review of the decision. In a statement, he said he had never knowingly or deliberately provided false information to FINMA or any other authority.

The case is now expected to proceed before Switzerland’s criminal court. Rohner remains presumed innocent unless and until a final judgment is issued.