The new CS board chairman, António Horta-Osório, who was appointed in spring, has violated the applicable quarantine regulations: The 57-year-old top banker flew on to New York a few days after his return from London.

António Horta-Osório violated the quarantine requirement – and is now apologizing for it.

 CS-President violated after entry to Switzerland against quarantine

Horta-Osório was only elected as the new BoD President in April.

That's what

  • CS-BoD President António Horta-Osório flew back into the country just three days after his return from Great Britain Abroad.

  • In doing so, he violated the applicable quarantine regulations.

  • Both he and Credit Suisse were remorseful and regretful Incident.

The Portuguese Horta-Osório was appointed as the new Chairman of the Board of Directors of Credit Suisse in April. The big bank had high hopes for the Portuguese: He should give the crisis-ridden big bank a new strategy and improve the bank's image. Compared to the “Handelsblatt” he said, among other things, that he wanted to “focus on personal responsibility and accountability”.

But now he has apparently violated the current quarantine regulations, as the “Blick” reports. Horta-Osório flew back to Zurich on November 28 in a private jet from London – at a time when Switzerland had already put Great Britain on a list of countries from which travelers have to be in quarantine for ten days.

The report went on to say that the banker had been made aware of this “from various quarters”. After he drove home to Wollerau, he instructed Felix Gutzwiller, the former CS advisory board and former health politician of the FDP, to inquire about relief or even an exemption from the quarantine obligation. But the request was clearly rejected at both canton and federal level, writes the “Blick”.

Nevertheless, according to “Blick” information, Horta-Osório got on a plane three days later and flew on Iberian Peninsula, although he should be quarantined at home. He then flew on to New York.

Apologies from Horta-Osório and the CS

This apparently caused unease within the bank, although only a small group knew: At the beginning of the week, the CS even informed the banking regulator Finma about the case. As «Blick» continues, the behavior of Horta-Osório should now even be the most important topic in discussions of the Board of Directors.

In a statement on Wednesday, Horta-Osório commented on the incident: “It is important to me to comply with the Swiss quarantine regulations, and I did this carefully from my arrival in Switzerland on November 28, 2021 until my departure. All the meetings that I held in Switzerland were held virtually, as was my public speech that I gave in Zurich last week. ” He had “unintentionally violated the Swiss quarantine regulations” by leaving the country prematurely on December 1. «I sincerely regret this mistake. I apologize and will make sure that this does not happen again, “he continued.

CS also commented:” Credit Suisse regrets that there has been a violation in connection with the President's travel activities violated the quarantine regulations. Compliance with the applicable laws and guidelines is a top priority for Credit Suisse and for the President himself, ”says the bank.

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By Teresa Tapmleton

Teresa Tampleton has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Nizh TEkegram, Teresa Tampleton worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teresa@ntelegram.com 1-800-268-7341

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