Credit Suisse CEO Forgoes $1.6M Bonus After Uncovering Tax Loophole

Credit Suisse, a Swiss group, announced that it has found “significant weaknesses” in its reporting procedures for fiscal years 2021 and 2022 and said it intends to take action to correct them.

Credit Suisse said in its annual report released Tuesday that “internal control over financial reporting has been ineffective” for two years and that “significant weaknesses” identified by the bank stem from a lack of effective risk assessment in financial reporting.

The report added that “the bank’s management concluded that the controls and disclosure procedures were not successful.”

The bank was supposed to release this report last Thursday, but it was delayed after receiving new information from the US Securities and Exchange Commission (SEC).

Credit Suisse said: “PricewaterhouseCoopers, which reviewed the bank’s reports last year, has issued a negative opinion on the effectiveness of internal controls in the financial statements.”

In light of this, Swiss bank chairman Axel Lehmann refused to receive the 1.5 million Swiss francs ($1.6 million) he was supposed to receive in his first year in office.

Source: Interfax

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