UBS wants new recruit Khan to drop criminal complaint over spying: paper

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEF9Q0EN_L.jpg

ZURICH (Reuters) – UBS (S:) wants Iqbal Khan, co-head of its wealth management business, to drop his criminal complaint over a spying scandal that emerged after he left cross-town rival Credit Suisse (S:), the SonntagsZeitung newspaper reported on Sunday.

UBS’s board would welcome it if Khan abandoned his complaint against the three private detectives who followed him during his last weeks as a Credit Suisse employee, the paper said, citing sources close to the UBS board.

The board at Switzerland’s biggest lender thinks a trial cold pose dangers for Khan and the bank, especially if new details emerged that could incriminate Khan, the paper said.

It could also be embarrassing for Khan if prosecutors dropped the proceedings without a result, it added.

Khan, who left Switzerland’s second-biggest bank in July and began working at UBS in October, was under surveillance by private detectives hired by Credit Suisse from Sept. 4 to Sept. 17, when he spotted them.

The affair saw suicide and espionage invade the secretive world of Swiss private banking, and exposed a feud between Khan and Credit Suisse CEO Tidjane Thiam.

Credit Suisse has cleared Thiam of involvement in the affair, which was blamed on Chief Operating Officer Pierre-Olivier Bouee, Thiam’s right-hand man. Bouee resigned following the investigation.

“We are not commenting on the ongoing criminal proceedings,” UBS said on Sunday. “We are very happy to have Iqbal Khan in our team. He is concentrating fully on his role at UBS and is in close contact with employees and clients.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.