The Swiss Parliament announced on Wednesday (December 18) that the Swiss parliamentary report on how the authorities handled the 2023 collapse of Credit Suisse will be released on Friday.
According to Reuters, the report by the Swiss Parliament’s committee investigating the collapse of Credit Suisse has been eagerly awaited for months. The government stated that the findings of the investigation will serve as the basis for formulating new regulations to regulate UBS’s acquisition of Credit Suisse.
In a statement, the Parliament declared that the committee’s report will be published on December 20, with a press conference scheduled concurrently.
Credit Suisse, a pillar of the Swiss financial system and the country’s second-largest bank, crumbled amidst a series of scandals with its 167-year-old history, ultimately being acquired by UBS at a price far below its original value in March 2023.
In a rare move in June of the same year, the Parliament set up a committee to investigate and review the Swiss government and relevant institutions’ handling of the Credit Suisse collapse. The government stated that they will propose a legislative proposal after evaluating the parliamentary report.
Following the Credit Suisse crisis, concerns were raised about the bank’s infiltration by the Chinese Communist Party (CCP), especially concerning Li Shan, who had been a member of Credit Suisse’s global board of directors since 2019, holding senior positions in its risk management team, Asian advisory committee, and compensation committee with close ties to the CCP. After public attention, Li Shan’s profile page was deleted.
Li Shan also serves as a member of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), an integral part of the CCP’s United Front influence operations.
According to a report released by the US government in 2018, the CPPCC is an “important coordinating body” that brings together representatives of CCP interest groups and is led by the Standing Committee of the CCP Central Political Bureau.
In March 2023, after Credit Suisse revealed “significant deficiencies” in internal controls, the stock market plummeted, leading to a temporary trading halt and ultimately resulting in a significant loss of market value, followed by the acquisition and takeover by UBS.