Credit Suisse under investigation for Turkish account losses

Prosecutors in Switzerland are seeking to ascertain whether Credit Suisse adequately oversaw money in its accounts that belonged to Turkish investors who suffered losses.

Two asset managers are suspected of hiding losses in accounts of wealthy Turkish clients related to a collapse in the Turkish lira in 2013, Reuters said citing a report in Swiss newspaper Tages-Anzeiger.

Credit Suisse is denying that it was negligent as the probe in Geneva continued.

 “The bank rejects all legal responsibility and will use all its resources to fight these accusations,” it said in a statement to Reuters.

Credit Suisse earned about 80 million Swiss francs ($79 million) in commissions from the transactions, the news wire said, citing previous media reports.

Former Credit Suisse employees who founded a firm that managed the money said that they only sought to cover losses, not to enrich themselves, Reuters said.

The damages in the case, which were reported to be around 300 million francs, could be much lower, Tages-Anzeiger said, saying assets from the rich Turks are largely intact but in blocked accounts.