UBS sold a Credit Suisse private jet that was used by its ex-chair to fly to Wimbledon and the Euros, breaking COVID rules — and the Maldives for a family vacation
- A former Credit Suisse chair used the bank's private jet to breach COVID restrictions.
- He once suggested a refueling stop in the Maldives, before deplaning to join his family on vacation, per the FT.
UBS has sold the Credit Suisse private jet that prompted its ex-chairman's resignation after just nine months, according to the Financial Times.
António Horta-Osório used the bank's Dassault Falcon 7X to travel to sports matches and breach COVID travel restrictions, an internal investigation found.
That included flying to London to watch both the Wimbledon men's tennis final and the final of soccer's European championship on the same day, Reuters reported. He was supposed to be in quarantine under the UK's COVID rules at the time.
And just 10 days after that trip, Horta-Osório accompanied a senior executive on a flight from Singapore to Zurich, according to flight records seen by the FT. The then-chairman suggested they stop to refuel in the Maldives, where he deplaned to join his family on a vacation, per the FT.
The Falcon 7X was sold to a subsidiary of the French bank Société Générale that specializes in leasing aircraft, the FT reported. A sale price was not disclosed.
A used Falcon 7X typically sells for around $18 million, according to listings on AV Buyer. Taylor Swift is among those who own a Falcon 7X.
The trijet plane has a range of 5,950 nautical miles, and with a top speed of 594 mph, it's one of the fastest private jets available. It can also be fitted with a shower.
The FT reported that Credit Suisse planned to sell its jet before being rescued by UBS earlier this year, but UBS executives pushed through the sale.
Credit Suisse is still the registered owner of another private aircraft, a Bombardier Global 7500, which the bank bought two years ago for over $75 million, according to the FT.
A Credit Suisse spokesperson declined to comment when contacted by Business Insider about the sale.