Arthur Fuerer resigned as chairman of Bank Leu.
The Swiss bank has been linked to the scandal surrounding British brewing giant Guinness PLC. Bank President Hans Knopfli said Fuerer will leave next March because of “personal conclusions” from the Guinness case, although “he wasn’t at fault in any way.” Bank Leu bought about $185 million worth of Guinness shares during the firm’s successful 1986 bid for Distillers Co. Britain is investigating possible illegal attempts by Guinness to boost its share price during the Distillers bid in order to increase the value of its share offer. Swiss banking authorities also are investigating Bank Leu’s conduct in the matter.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
