Credit Suisse said it closed the account of Chinese dissident artist Ai Weiwei’s account due to missing paperwork, in a response to earlier accusations that it had done so to win business in the mainland.
«The bank's decision was made in spring 2021 because Mr. Weiwei did not provide legally required information despite repeated requests from the bank,» according to a statement first published by Swiss newspaper «Tages-Anzeiger».
«The termination of the client relationship was justified by business reasons.»
Original Reason?
In September, Ai first spoke out about the closure of his foundation’s account in spring this year, underlining that Credit Suisse initially cited criminal conviction as the reason even though he claims he has never even been formally charged.
By June 24, Ai said the bank explicitly cited a media interview in which he criticized Swiss people for voting in more anti-immigrant policies.
«Magical Strategy»
According to Ai, the move to close his account was part of a broader strategy to improve relations with China where Credit Suisse was planning to triple headcount, obtain majority control of its securities joint venture and apply for wealth management and investment banking licenses.
«Credit Suisse was already well aware of a magical strategy in China; hire ‘princelings’– offspring of top Communists – in order to pave the way to success in business,» Ai said.
«[B]ehind the strong organizational structure of the Communist Party of China, there has arisen an immensely complex web of private interests of the highest-ranking Party families and their minions in the bureaucracies. No item of business with a foreign country can possibly go forward without involvement with this web. Shared corruption is the name of the game, and the pattern is so common as to be accepted as commonplace.»
