Appeal proceedings in the Bulgaria case against UBS will not be suspended
Published: Wednesday, Oct 2nd 2024, 10:20
العودة إلى البث المباشر
On Wednesday, the Federal Criminal Court answered UBS's preliminary questions in the Bulgarian mafia money laundering trial. Both the application to discontinue and to suspend the proceedings were rejected.
At the beginning of the second day of the trial, the presiding judge explained that the Appeals Chamber did not share the view of the UBS lawyer regarding the consequences of the merger of Credit Suisse with UBS. As the application to discontinue the proceedings was pending before the Federal Supreme Court, the Appeals Chamber would not rule on it.
The court also rejected the application for suspension. The principle of expediting proceedings required the proceedings to be continued. However, the Appeals Chamber reserves the right to suspend the opening of its dispositive ruling until the Federal Supreme Court has ruled.
However, the court granted a request by UBS to hear a financial expert. This expert is to be heard on the due diligence obligations of banks in cases of suspected money from illegal sources.
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