CS Victims: Credit Suisse trust continues to frustrate clients

LONDON, March 25, 2022 /PRNewswire/ -- Amid the ongoing issues facing Credit Suisse as alleged by CS Victims, the Bank's trust arm in Guernsey is delaying payments to beneficiaries, despite these being requested by the client using the appropriate channels.

The longstanding trust was set up on the advice of Credit Suisse for the benefit of the client's family and had been making distributions in line with the client's requests. Credit Suisse had moved the trust to Guernsey in 2021 and had made assurances to the client and the beneficiaries that this would make the operation of the trust more efficient.

However, when the most recent distribution was requested for the benefit of the beneficiaries and a Letter of Wishes had been provided, the trustees demanded further information and clarifications which they had not previously sought. In addition, the trustees did not acknowledge documentation which had been provided to expediate the request.

A spokesperson commented:

'Once again, Credit Suisse seems more concerned with serving its own interests rather than those of its clients. The trustees are discrespecting the client's wishes and are not performing their duties to the beneficiaires by delaying payment without any adequate explanation. The client is extremely disappointed and we urge the trustees to resolve these issues without further delay.'

For further information, please contact [email protected] or visit https://csvictims.com/

Information for editors
CS Victims was established by the representatives of certain clients of Credit Suisse.

They are victims of an estimated $1 billion fraud perpetrated by the Bank's personnel over seven years. At least one of Credit Suisse's employees has been convicted of fraud and FINMA has highlighted failures in Credit Suisse's systems and controls which led directly to crimes being committed.

SOURCE CS Victims