Thu, Apr 18th 2024
A comprehensive audit confirms the legitimacy of Graubündner Kantonalbank’s loan processes.
Graubündner Kantonalbank (GKB) loans to Signa are valid. This is the conclusion of an audit commissioned by the Bank Council into the granting of loans and the accusations against the bank president.
The audit report confirms the regularity of lending and classifies the bank’s credit policy as “conservative” and the loan book as “healthy”, the state institute announced on Thursday. According to the report, GKB has not taken any disproportionate risks in the last five years.
The report also scrutinised the “media-spread” accusations against bank president Peter Fanconi. His role was merely limited to establishing business contacts and he was not involved in the credit approval processes.
The audit had also shown that, despite private investments at Fanconi, there was no evidence of any advantage-taking or conflicts of interest. All reporting and disclosure obligations had also been complied with by the bank president.
“The report creates the transparency desired by the Bank Council and confirms the professional organization and corporate governance of the bank,” said Christoph Caviezel, Vice Chairman of the Bank, in the press release.
Ernst & Young AG carried out the audit assignment. Ernst & Young has also been the auditors of Graubündner Kantonalbank since 2008.
GKB has granted the Signa Group a syndicated loan secured by a mortgage of currently CHF 58.3 million for the Globus building in Zurich. In addition, there is a promissory bill loan in the amount of EUR 3 million. This had already been fully impaired by the end of October 2023, writes GKB.
©Keystone/SDA
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