2023-05-21 16:36:03
Zurich (awp) – The decision of the Swiss authorities to write off Credit Suisse’s AT1 loans at zero is the subject of the preparation of a complaint by a law firm in Japan. The latter wants to bring together as many creditors as possible to request international arbitration proceedings once morest Switzerland, the NZZ am Sonntag reported.
The firm targets Japanese nationals or those subject to Japanese law as well as companies. By the end of May, creditors should have registered to be able to participate in the arbitration procedure. The Japanese firm collaborates with a law firm in Singapore.
The lawyers intend to enforce an investment protection agreement signed between Switzerland and Japan. These types of agreements allow foreigners to obtain protection for their direct investments in another country. In the event of a dispute, the case is submitted to an international arbitration tribunal.
According to a Zurich lawyer quoted by the newspaper, any foreign creditor whose country has signed an investment protection agreement with Switzerland can appeal to arbitration in the event of a dispute. This lawyer represents several CS creditors before the Federal Administrative Court (TAF).
As part of the authorities’ decision on March 19 forcing the takeover of Credit Suisse by UBS, the two-veiled bank’s AT1 loans, for an amount of approximately 16 billion Swiss francs, were cancelled. Since then, several law firms have approached the TAF to challenge this decision, representing more than 1,000 creditors holding Credit Suisse AT1 shares.
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