Credit Suisse settles allegations of spying with former banker Iqbal Khan

In a statement, a spokesperson for Swiss banking giant Credit Suisse said, the bank has reached an out-of-court settlement with former star banker Iqbal Khan over allegations of spying that led to the resignation of its CEO Tidjane Thiam.

“Everybody involved has agreed to settle and this matter is now closed,” said Simone Meier.

A spokesman for Khan said his client did not wish to comment. UBS where Khan is currently co-president of global wealth management, declined comment.

The settlement, details of which have not been disclosed, sees the end of a dispute that rocked the normally sedate world of Swiss banking. In September 2019, allegations of corporate espionage involving Credit Suisse had hit the news.

The matter became public knowledge when Khan, after defecting to UBS, confronted a private detective who was following him and his wife through Zurich.

While Credit Suisse had initially described the development as a rogue spying case run by then-Chief Operating Officer Pierre-Olivier Bouee, the matter gained further attention following emergence of more details of other instances of surveillances.

A private investigator who had organized the surveillance also committed suicide after the affair came to light.

According to a report from the NZZ am Sonntag, the settlement would see the withdrawal of the complaints filed by Khan against the bank and the private detectives.

“The investigations associated with the criminal charges will be discontinued,” said Erich Wenzinger, spokesman for the Chief Public Prosecutor’s Office in the Canton of Zurich.

Incidentally, enforcement proceedings by FINMA last year into Credit Suisse’s actions are still ongoing, said FINMA’s spokesman.

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