UBS Encounters Claims Over Nazi-Era Accounts
(MENAFN) Swiss banking giant UBS might be liable for billions in compensation to Holocaust survivors if allegations made by Jewish groups are substantiated.
These allegations claim that UBS inherited undisclosed Nazi-era accounts from the now-defunct Credit Suisse.
UBS is currently conducting its investigation into the matter, as reported by a news agency.
Ronald Lauder, president of the World Jewish Congress and a key architect of the 1998 $1.25 billion settlement with Swiss banks, shared his belief with the news agency that the banks owe considerably more.
"We probably left $5 to $10 billion on the table," Lauder said, hinting at the scale of what could still be owed.
Back in 2020, the Simon Wiesenthal Center, a prominent Jewish human rights organization, accused Credit Suisse of not disclosing accounts tied to Nazi clients.
In response to these accusations, Credit Suisse launched an internal investigation.
Following UBS's acquisition of Credit Suisse in 2023, the bank reinstated Neil Barofsky, an independent ombudsman and former U.S. prosecutor, to conduct a deeper review.
The final findings from this investigation are expected to be released early next year, according to the news agency.
Initial results from the probe have already raised concerns. Barofsky's preliminary work uncovered numerous accounts, some of which were flagged under internal codes such as "American blacklist," indicating potential intentional concealment during earlier investigations.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
