Final closure of the Bank’s French Case

REYL & CIE is pleased to see finally the closure of the last chapter of this old case, based on facts dating back fourteen years. Despite three distinct procedures covering similar facts over a period of ten years, this case concerned not more than eight clients who in 2009 transferred assets of less than EUR 13,8m to a third-party bank in Singapore. The Bank points out that a full “confusion des peines” was granted as part of the CRPC homologated on 18 April 2023, which allows for the final consolidation of such procedures, two of which were in fact closed more than seven years ago. Consequently, the residual amounts due by the Bank and its CEO in connection with this last legal chapter amounted to EUR 1,2m. The Bank also reminds that it has at all time respected its obligations under Swiss law applicable to it at the time of the facts. The Bank pursues its strategic development and puts this case definitely behind it.