Credit Suisse terminates controversial oil company account

Afraid of reputational damage? Credit Suisse terminates the account of controversial Zug oil company

At Terraoil Swiss AG in Zug, things go haywire: the audit report is overdue, wages are paid too late and now the company’s bank, Credit Suisse, has also canceled the company account.

View of the commercial building at Industriestrasse 47 in Zug, where Terraoil has its premises.

Image: Stefan Kaiser (June 16, 2021)

A stately house in a beautiful location, but now the owner has to sell it. The reason: his father invested the money he needed for maintenance in shares of the controversial Zug-based oil company Terraoil, and now the money is almost gone, as the latest issue of SRF’s “Kassensturz” reported.