Swiss prosecutors launch investigations into UBS and Credit Suisse.

(Reuters)

[Financial Channel/Comprehensive Report] The Financial Times disclosed that Swiss federal prosecutors have launched an investigation into the acquisition of Credit Suisse by UBS to clarify whether government officials, regulators and executives involved in the acquisition violated Swiss criminal law.

In order to avoid a catastrophic financial crisis, under the guidance of the Swiss government, UBS agreed to acquire Credit Suisse for 3 billion Swiss francs on March 19, and transferred about 16 billion Swiss francs of "additional tier one capital" (AT1) bonds, reducing If the count is canceled to zero, it will be directly reduced to wallpaper.

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The Swiss are not satisfied with this huge transaction. Scholars in the country are worried that UBS will become a monster too big to fail. As time goes by, UBS may in turn restrict the Swiss government and make the Swiss economy prosperous. Too much reliance on a single financial institution.

Critics also say the Swiss government is backtracking and failing to learn from the 2008 financial crisis.

At the same time, the major shareholders of Credit Suisse were not happy. The Norwegian sovereign wealth fund bluntly stated that it would delete the executive bonus of 30.1 million Swiss francs at the Credit Suisse shareholders meeting, and also opposed the dissolution of the board of directors.

In response to doubts from the outside world, the Swiss Federal Prosecutor's Office announced an investigation into UBS's acquisition of Credit Suisse to clarify whether government officials, regulators and executives involved in the merger violated Swiss criminal law.

The Federal Prosecutor's Office emphasizes that it wishes to actively fulfill its mission and responsibility to contribute to the creation of a clean Swiss financial center and has established monitoring mechanisms to take immediate action in any case within the scope of its activities.

Prosecutor Stefan Blättler has also issued a series of investigative orders to Swiss government agencies.

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