Credit Suisse Hong Kong reaches $47m agreement with DoJ

Credit Suisse Hong Kong Ltd has announced that it has reached a $47m Non-Prosecution Agreement with the Department of Justice (DoJ) relating to its historic hiring practices.

The company, an offshore of Zurich-based financial giant Credit Suisse said that is “pleased” to have reached a resolution in a non-prosecution agreement with the DoJ to resolve their investigation of hiring practices in the Asia Pacific region between 2007 and 2013.

No criminal charges have been brought with Credit Suisse agreeing to pay a monetary penalty of approximately $47m to the DoJ. The funds have already been “substantially provided for” in prior periods and will therefore have no material impact on its 2Q 2018 financial results, which will be announced on July 31, 2018, the company said.

The agreement highlighted that since 2013 Credit Suisse has implemented “numerous enhancements to its compliance and controls function and it remains committed to upholding the highest standards of integrity and fair business practices in every jurisdiction in which it operates”.

This legacy matter did not impact the services provided to any clients, investors or counterparties, the company concluded.

ABOUT THE AUTHOR
Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. Deputy Editor, International Investment. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

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