Ex-Credit Suisse Chairman Faces $2,200 Fine for Breaking COVID Rules

Prosecutors in the Uznach district of canton St. Gallen have fined former Chairman of Credit Suisse, Antonio Horta-Osorio 2,000 Swiss francs ($2,200) for breaching COVID-19 quarantine rules. The fine is another major blow for Horta-Osorio after abruptly leaving Credit Suisse investment bank, the second-biggest bank in Switzerland on January 17 after he was found that he broke COVID-19 quarantine rules twice in 2021.

An internal bank investigation found that the executive attended the Wimbledon tennis finals in London in July without following quarantine rules laid down in Britain. Besides that, the executive breached Swiss COVID-19 rules in November by leaving the country during a 10-day quarantine period. Horta-Osorio did so despite authorities having rejected two of his past requests to be exempted from the restrictions.

After resigning, Horta-Osorio expressed regret that his personal actions compromised his ability to represent the bank externally and internally. The matter was an embarrassment for the executive who had stated that every banker needed to be a risk manager. Nine months ago, Horta-Osorio joined Credit Suisse to help the bank turn itself around after a series of scandals.

Following his transgressions, Horta-Osório stepped down before he was dismissed from the bank. The executive is expected to pay the fine and pay court fees of 350 francs.