I wrote 3 years ago that certain people should end up in court for their part in the Swissair bankruptcy.
The wheels of justice grind slowly in Switzerland, but they might get there in the end:
He told creditors this week that he had filed lawsuits in mid-March against former CEO Philippe Bruggisser and former finance chief Georges Schorderet.
The liquidator is also suing ex-board members, among them Thomas Schmidheiny, Lukas Mühlemann, and Mario Corti, a former Nestlé executive who replaced Bruggisser when the extent of Swissair’s financial problems became known.
The former bosses and board could also face more serious charges – of falsifying documents and breach of trust – according to the Zurich cantonal prosecutor, who told a newspaper that he could bring criminal charges later this year.
The writs issued by Wüthrich concern an internal transaction in which Swissair’s bankrupt parent company, SAirGroup, handed over a firm called Roscor AG
to another company within the group but received no compensation from the receiving firm, SAirLines.
Wüthrich says the managers and the board at the time approved the takeover and are therefore personally responsible for the loss incurred to SAirGroup, which he estimates at SFr280 million.
Wüthrich is also seeking money back from consultants and banks, which were paid just before Swissair went under. Claim avoidance actions have already been launched against consultants KPMG and Deutsche Bank.
I notice Corti is being sued as well - let's see what happens....