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It wasn't until 1977 that the scandal broke: in the wake of the first oil crisis, several companies managed by Texon became loss-making, and the whole financial package collapsed, revealing a debt of 2.2 billion Swiss francs for Credit Suisse. On 24 April 1977, Kuhrmeier and two bank directors were
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had intervened with the
Federal Council a few days earlier to find out about Fabio Vassali's involvement, who subsequently issued an official statement denying having had any dealings with Texon. A few days later, following a question from the socialist deputy Storelli on Fabio Vassali's tax
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Kuhrmeier died shortly before his first court appearance. On July 3, 1979, the defendants were sentenced to four and a half years in prison and a fine of 10,000 Swiss francs. In the wake of this scandal, Crédit Suisse would need several years to rebuild its reputation.
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admitted that foreign capital created issues but asserted that regular banking regulation was best suited to handle them rather than a constitutional amendment: it therefore recommended that the initiative be rejected.
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list, was forced to resign on June 19, 1977. Fabio
Vassali had previously been a partner in the Maspoli & Noseda law firm and was directly involved in Texon's business with Credit Suisse in Chiasso.
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manager about the methods employed by Credit Suisse employees; not only was no action taken, but Ernst
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situation, the tax authorities discovered that Fabio
Vassali had allegedly received considerable sums from Texon without declaring them to the tax authorities.
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and forced banks to admit that they had to demand proof of their customers' identity; the tangible result was the 1977 signing, by members of the
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On May 29, 1979, on the second day of the Credit Suisse trial, the Crocci-Torti case came to the fore. Luigi Crocci-Torti, a
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Les règles de déontologie comme moyen d’action de l’Etat à la lumière de la
Convention de diligence des banques
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called "Texon" without the knowledge of their management. The front was used for many years to
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management to react, despite an initial alert in 1968 following a complaint by a
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Against the abuse of banking secrecy and the power of the banks
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On a national level, the scandal revealed the flaws in the
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404:Categories
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212:References
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