House Oversight launches probe into Credit Suisse ties to Russian oligarchs

The House Committee on Oversight and Reform announced Monday it has launched a probe into Credit Suisse’s ties with Russian oligarchs amid the ongoing conflict between Russia and Ukraine. 

“We are writing to seek information about a recent report that Credit Suisse asked hedge funds and other investors to destroy documents regarding yachts and private jets owned by Credit Suisse’s clients,” Chair Carolyn Maloney (D-N.Y.) and National Security subcommittee Chair Stephen Lynch (D-Mass.) said in a statement. 

In their letter to Credit Suisse CEO Thomas Gottstein, the lawmakers noted a recent report saying that the company ordered its employees to “destroy and permanently erase” certain information related to loans backed by material possessions such as yachts and private jets. 

Another report detailed that as part of an $80 million synthetic securitization deal, Credit Suisse sold off risk related to the $2 billion portfolios of loans backed by the assets owned by the bank’s “ultra-high net worth” clients, the letter said. 

“This report raises significant concerns about Credit Suisse’s compliance with the severe sanctions imposed by United States and its allies and partners on the architects and enablers of Russia’s brutal and unprovoked invasion of Ukraine, including Russian President Vladimir Putin and oligarchs in his inner circle,” the lawmakers said. 

The committee asked Gottstein to turn in documents related to their investigation by April 11.