Horta-Osorio’s lockdown-breaking junket aircraft is sold off by UBS
By Leah Montebllo
UBS has sold the Credit Suisse jet used by former boss Antonio Horta-Osorio to break lockdown rules to watch Wimbledon.
The investment bank sold the Dassault Falcon 7X JET recently to a German subsidiary of the French rival Societe Generale.
Sources said the sale was planned by Credit Suisse’s management long before it was rescued by UBS in March following concerns of a collapse. UBS bosses pushed through the deal after criticising its Swiss rival’s high risktaking and high-reward culture, the FT reported. Horta-Osorio was forced to resign as Credit Suisse chairman in January last year after he broke Covid-19 rules.
He used the jet to fly to London to watch the tennis at Wimbledon and the Euro 2020 final at Wembley in July 2021 when the UK’s restrictions required him to be in quarantine.
The former Lloyds Bank boss admitted to breaching rules, apologising for what he described as an ‘unintentional’ error.
CITY & FINANCE
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