According to reports in the FT, CS has quietly been offloading risks from its exposure to U.S.-sanctioned Russian oligarchs, after this group was responsible in 2017 and 2018 for a third of the defaults on yacht and private jet loans the bank extended. Hedge funds and other investors that bought securitized portfolios of these deals, backed by the ultra-luxury status items, were asked in a letter this week to “destroy and permanently erase” any evidence of the transaction, the paper reported.
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Credit Suisse caught trying to shred evidence of loans to Russian oligarchs backed by superyachts and private jets
“I don’t think we’ve ever had a request like this,” it quoted one investor, who received the letter.
