Connect with us
[adrotate group="1"]

Intel News

Espionage scandal prompts resignations of top Swiss banking executives

October 2, 2019 by Joseph Fitsanakis Two senior executives of Credit Suisse, one of the world’s most powerful banking firms, have resigned amidst a high-stakes espionage scandal that may have prompted a suicide and has shocked Switzerland. The alleged target of the espionage is Iqbal Khan, the former Chief Executive Officer (CEO) of Credit Suisse’s…

Published

on

Espionage scandal prompts resignations of top Swiss banking executives

October 2, 2019
by Joseph Fitsanakis

Two senior executives of Credit Suisse, one of the world’s most powerful banking firms, have resigned amidst a high-stakes espionage scandal that may have prompted a suicide and has shocked Switzerland. The alleged target of the espionage is Iqbal Khan, the former Chief Executive Officer (CEO) of Credit Suisse’s wealth-management division. The 43-year-old Khan moved to Switzerland from his native Pakistan at the age of 12. In 2013, after working for more than a decade as an auditor at Ernst & Young, he joined Credit Suisse. He quickly rose to head the institution’s wealth-management division and was credited with having nearly doubled its profits between 2016 and 2018.

Khan’s meteoric success brought him immense financial wealth. He soon bought a piece of property that is adjacent to the home of Tidjane Thiam, the 57-year-old CEO of Credit Suisse. Khan and his wife had the house on their property demolished and began a two-year project to build a new house. But the disruption caused by the large-scale construction project gave rise to a dispute between Thiam and Khan. Their rivalry escalated quickly and prompted the intervention of Credit Suisse board chairman Urs Rohner. However, the dispute between the two men was not resolved, and on July 1 of this year Khan left Credit Suisse. On August 29, Credit Suisse’s rival UBS announced that Khan would co-lead its global wealth management division.

It appears that some Credit Suisse executives were concerned that Khan might try to attract their firm’s customers to his new UBS portfolio. These concerns allegedly prompted Credit Suisse’s Chief Operating Officer (COO), Pierre-Olivier Bouee, to instruct the bank’s security department to keep tabs on Khan. The bank reportedly hired a private investigation firm, Investigo, to monitor Khan’s movements. There was an unexpected turn on September 17, when Khan noticed that he was being followed and promptly confronted an Investigo employee in downtown Zurich. On the same day, the former Credit Suisse star manager filed a complaint with the Zurich office of the Swiss Public Prosecutor.

On September 18, Credit Suisse gave orders to Investigo to stop keeping tabs on Khan. It also launched an internal investigation to evaluate the merits of the decision to spy on Khan. Meanwhile, the Swiss Public Prosecutor’s office announced that it had opened a criminal case on Investigo and had arrested three individuals in connection with the case. On September 24, a private investigator, who is believed to have been involved in Khan’s case, committed suicide. Media reports said the unidentified man was “an external security expert” who mediated between Credit Suisse and Investigo.

On Tuesday, Credit Suisse COO Bouee announced his resignation. Swiss media said the head of the bank’s global security division also resigned. Also on Tuesday, Credit Suisse’s internal investigation found that CEO Thiam had not been involved in the decision to spy on Khan.

â–º Author: Joseph Fitsanakis | Date: 02 October 2019 | Permalink

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

*

code

Intel News

British former MI6 employee denies having passed secrets to Chinese operatives

September 21, 2020 by Joseph Fitsanakis A former employee of British intelligence has strongly denied accusations, which surfaced last week in the European press, that he gave secrets to two Chinese operatives in exchange for money. Some news outlets have suggested that he is currently under investigation by at least one European government. The individual…

Published

on

By

British former MI6 employee denies having passed secrets to Chinese operatives

September 21, 2020
by Joseph Fitsanakis

A former employee of British intelligence has strongly denied accusations, which surfaced last week in the European press, that he gave secrets to two Chinese operatives in exchange for money. Some news outlets have suggested that he is currently under investigation by at least one European government.
The individual in question is Fraser Cameron, a British businessman who worked in an intelligence capacity from 1976 to 1991. During those years, Mr. Cameron was reportedly employed by the Secret Intelligence Service (MI6), Britain’s version of the United States Central Intelligence Agency. He then worked for the British Foreign Office and the European Commission, before relocating to Belgium, where he is believed to have lived for much of the past 20 years. According to the news website Politico, Mr. Cameron has been “a visiting professor at several universities in Asia” and currently directs the Belgium-based EU-Asia Centre.
Politico and a number of other news outlets said last week that Belgian security agencies are investigating Mr. Cameron’s alleged contacts with “two Chinese journalists accredited in Brussels”, who are believed to work as intelligence officers. Politico cited “a person close to the case”, who claimed that an investigation was launched by Belgium’s office of the federal prosecutor after the two Chinese journalists were found to be secretly working for China’s Ministry of State Security. The news website said that, according to sources in Belgium, Mr. Cameron’s alleged activities “could constitute a risk for European officials”. The BBC cited “a senior [British] official”, who claimed that the Belgian probe was the result of a “long-running joint inquiry between British and Belgian intelligence” into the case, which had achieved “a breakthrough in recent months.
But Mr. Cameron strongly denied these allegations, which he termed “absurd” in his messages to various media outlets. He described the claims as “without foundation” and added: “I retired 15 years ago from official employment and have zero access to any sensitive information”.
► Author: Joseph Fitsanakis | Date: 21 September 2020 | Permalink

Continue Reading

Intel News

Trump’s ex-spy chief warns American democracy may not survive November election

September 18, 2020 by Joseph Fitsanakis The former United States Director of National Intelligence, who served in the administration of President Donald Trump as the highest-ranking intelligence official until 2019, has warned that American democracy may not survive the upcoming presidential election. In a stark editorial published on Thursday in The New York Times, Dan…

Published

on

By

Trump’s ex-spy chief warns American democracy may not survive November election

September 18, 2020
by Joseph Fitsanakis

The former United States Director of National Intelligence, who served in the administration of President Donald Trump as the highest-ranking intelligence official until 2019, has warned that American democracy may not survive the upcoming presidential election. In a stark editorial published on Thursday in The New York Times, Dan Coats warns that whether “the American democratic experiment, one of the boldest political innovations in human history”, will survive after November, remains an open question.
The Trump administration appointed Coats in 2017 to head the Office of the Director of National Intelligence (ODNI), which was set up in response to the terrorist attacks of September 11, 2001. Its mission is to direct the 17-member United States Intelligence Community and to advise the president, the National Security Council and the Homeland Security Council on matters of national security. In July 2019 Coats resigned, reportedly after disagreeing with President Trump’s policies on North Korea, Russia and the Islamic State.
In his editorial, Coats urges Congress to pass “emergency legislation” that will establish a “supremely high-level bipartisan and non-partisan commission to oversee the [upcoming 2020 Presidential] election”. The proposed commission would supervise the mechanisms that “tabulate, evaluate or certify the results” of the election and assure the American public that “the laws and regulations governing them have been scrupulously and expeditiously followed”, argues Coats. Additionally, it would refer “to the proper law enforcement agency” any incident of election “interference, fraud, disinformation or other distortions”.
Coats also calls on American leaders to perform what he describes as the “most urgent task [they] face”, which is “to ensure that the election results are accepted as legitimate”. Doing the opposite would mean succumbing to the pressure of enemies who “want us to concede in advance that our voting systems are faulty or fraudulent; [and] that sinister conspiracies have distorted the political will of the people”.
The former Director of National Intelligence concludes by warning that if the nation fails “to take every conceivable effort to ensure the integrity of the election”, there will be no winners, but only losers, after November. Consequently, the American voters will not simply be choosing a president, he says, but will be deciding “whether the American democratic experiment […] will survive”.
► Author: Joseph Fitsanakis | Date: 18 September 2020 | Permalink

Continue Reading

Intel News

COVID-19 prompts spy agencies’ mission shift that is ‘reminiscent of the space race’

September 7, 2020 by Joseph Fitsanakis The worldwide competition to invent a vaccine that can curtail the spread of COVID-19 has prompted a mission shift in major intelligence agencies around the world, which is “reminiscent of the space race”, according to The New York Times. In an article published on Saturday, the paper cited “interviews…

Published

on

By

COVID-19 prompts spy agencies’ mission shift that is ‘reminiscent of the space race’

September 7, 2020
by Joseph Fitsanakis

The worldwide competition to invent a vaccine that can curtail the spread of COVID-19 has prompted a mission shift in major intelligence agencies around the world, which is “reminiscent of the space race”, according to The New York Times. In an article published on Saturday, the paper cited “interviews with current and former intelligence officials and others tracking the espionage efforts”, who suggest that the mission shift observed in spy agencies worldwide has been among the fastest in history.
According to The New York Times, “every major spy service around the globe is trying to find out what everyone else is up to” in coronavirus research, and “to steal information about vaccine research”. Much of this biomedical espionage is taking place in international bodies, such as the United Nations and the World Health Organization (WHO), where spies try to access useful data from rival countries. The paper said that the Central Intelligence Agency and other Western spy agencies are closely watching their rivals, including Chinese and Russian operatives, inside the WHO.
Meanwhile, the Federal Bureau of Investigation is “has moved to protect [American] universities and corporations doing the most advanced work” on the virus, including the University of North Carolina (UNC). The paper said that UNC’s Epidemiology Department came under a sustained attack by foreign hackers recently, as have major American pharmaceutical research companies, including Gilead Sciences, Novavax and Moderna. In other cases, foreign spies have tried to gain physical proximity to biomedical researchers. According to The Times, part of the reason why the administration of US President Donald Trump decided to shut down the Chinese consulate in Huston in July, was because it believed Chinese spies had used it as a base from where to make contacts with American biomedical researchers.
Officially, America’s stance on the coronavirus espionage race is purely defensive. But, according to The Times, American spy agencies are also trying to find out what Russian, Chinese and Iranian scientists have in their possession, in an attempt to see if is stolen. As they do that, “they could encounter information on those countries’ research and collect it”, said the paper.
► Author: Joseph Fitsanakis | Date: 07 September 2020 | Permalink

Continue Reading
error: Content is protected !!