Credit Suisse has come to an out-of-court settlement with former star banker Iqbal Khan in the case of allegations of spying that eventually forced the resignation of the Chief Executive Tidjane Thiam.

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

The nitty gritty of the agreements are still unknown as it ends a dispute that rocked the normally sedate world of Swiss banking when allegations of corporate espionage involving Credit Suisse emerged in September 2019.

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

Initially Credit Suisse described it as a rogue spying case run by then-Chief Operating Officer Pierre-Olivier Bouee but then it widened as details emerged of other instances of surveillance.

The departures of Bouee and Thiam, a private investigator who organised the surveillance committed suicide after the affair came to light.

The NZZ am Sonntag further revealed that the settlement would then see the withdrawal of the complaints Khan had filed against the bank and the private detectives.

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

Enforcement proceedings by Swiss financial markets FINMA last year into Credit Suisse`s actions were still ongoing, a spokesman said. He declined to comment on how long the process, which started last September, would last.

Bizemag

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