UBS adheres to suspension request in Bulgaria case
Published: Tuesday, Oct 1st 2024, 16:20
العودة إلى البث المباشر
Right at the beginning of the first day of the trial in the Bulgaria case, UBS filed a motion to suspend the proceedings before the Appeals Chamber of the Federal Criminal Court. The bank's defense also requested that rulings by the Swiss Financial Market Supervisory Authority be removed from the files. The chamber will decide on these motions by tomorrow, Wednesday.
In the aforementioned documents, the Swiss Financial Market Supervisory Authority (FINMA) identified several failings on the part of Credit Suisse - in particular a lack of organization in the fight against money laundering.
According to UBS's lawyer, it was not proven that the money deposited with Credit Suisse originated from drug trafficking by the Bulgarian mafia.
The Office of the Attorney General of Switzerland (OAG) based its findings on Italian and Spanish judgments, which were either not presented in the proceedings or did not convict the confidant of the Bulgarian boss who was allegedly responsible for investing the money in Switzerland.
The federal prosecutor referred in particular to previous decisions in which some of the issues raised had been definitively decided.
Pending complaint
UBS renewed its request to suspend the proceedings. It is of the opinion that the proceedings should be discontinued because Credit Suisse no longer exists. The Board of Appeal recently rejected the request to discontinue the proceedings. An appeal against this is pending before the Federal Supreme Court.
According to a ruling published on Tuesday by Switzerland's highest court, it has rejected UBS's request for suspensive effect. The Federal Supreme Court still has to decide on the matter itself.
In Bellinzona, UBS's lawyer concentrated on dismantling the arguments put forward by the Appeals Chamber on this point to reject its application for discontinuation - namely the principles of procedural acceleration and economy.
UBS is in the dock because the federal judiciary has decided to transfer responsibility for Credit Suisse to it in this case. There is no legal basis for this transfer, said the lawyer. She recalled that the takeover of Credit Suisse had been decided by the Federal Council in order to save the Swiss financial center.
The proceedings concern events that took place 17 years ago in another bank that was managed by other bodies, said another defense lawyer. UBS had had no influence on these machinations. The Appeals Chamber withdrew on Tuesday afternoon to discuss the motions. It will resume the hearing on Wednesday.
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