Mühlemann to leave Argentinian board

Credit Suisse Group spokeswoman Claudia Kraaz confirmed to swissinfo that Mühlemann, first tendered his resignation back in January.

“I can confirm that Lukas Mühlemann and CSFB’s David Mulford tendered their resignations, along with the representatives of the other two partner banks, back in January,” explained Kraaz.

Lukas Mühlemann, chairman of Switzerland’s second biggest financial group, is a member of the board of a Credit Suisse partner bank in Buenos Aires, the Banco General de Negocios (BGN).

Through its investment bank, Credit Suisse First Boston (CSFB), the Credit Suisse group has a 26.4 per cent stake in the BGN. The Dresdner Bank and JP Morgan Chase also have stakes in the bank.

April decision

Resignations may have been tendered but the decision on whether or not the board members should be allowed to go rests with the BGN’s annual general meeting, which takes place in April.

“The AGM (Annual General Meeting) on April 18 is when the decision will be made as to whether or not Mr Mühlemann’s and David Mulford’s resignations will be accepted,” added spokeswoman Kraaz.

She also told swissinfo that the future of CSFB’s stake in the BGN remains in the balance. When asked whether CSFB would consider selling the holding, Kraaz responded: “That’s open.”

Fraud

BGN is led by Carlos and José Rohm, who are considered to be among Argentina’s most influential bankers.

A federal judge in Argentina, Maria Servini de Cubria, called for their detention on suspicion of contravening a law blocking all bank accounts, which had been ordered by former Argentine president, Fernando de la Rua.

The Rohms are suspected of having helped hundreds of people in politics, the economy and show business to take money out of the country.

by Tom O’Brien with agencies