“Postfinance is wasting 25 million francs in the Zurich Oberland,” is the headline of the article from “Blick”. According to his research, Postfinance is also one of the creditors affected by the GZO Hospital financial debacle. Postfinance is by far one of the hospital’s largest creditors.
Postfinance did not want to comment to “Blick”, but several sources at Postfinance, at the parent company and in creditor circles would confirm the matter. The semi-annual report shows a value adjustment of 25 million francs on a single item. This is said to be a promissory note loan worth over 40 million francs.
Questionable risk
According to “Blick”, the million-dollar investment at GZO is developing into a horror scenario. Experts cannot understand why Postfinance took such a big risk. GZO AG has operated with far too thin an equity base for years (currently the equity ratio is just 2.8 percent). Because the hospital had a service mandate, Postfinance probably believed that the canton would step in in an emergency.
From the perspective of “Blick”, the promissory note loan is a “serious mistake” that calls into question the postal subsidiary’s competence. “Postfinance’s core mission is to provide a payment infrastructure in Switzerland. Making loan-like investments is not included,” writes “Blick”. The granting of loans and mortgages is even completely prohibited under the Postal Organization Act. The promissory note loan is close to this ban.
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> Postfinance half-yearly report
