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A Swiss court acquitted Credit Suisse of money laundering charges linked to a Bulgarian cocaine trafficking gang, overturning a 2022 conviction. The ruling cited the death of a former employee, which hindered the examination of alleged criminal code violations. UBS, now the parent company, welcomed the decision, noting it pertains to legacy issues from Credit Suisse.
A Swiss court acquitted Credit Suisse of money laundering charges linked to a Bulgarian cocaine trafficking gang, overturning a 2022 conviction. The ruling cited the death of a former employee, which hindered the examination of alleged criminal code violations. UBS, now the parent company, welcomed the decision, noting it pertains to legacy issues from Credit Suisse.
The Federal Criminal Court in Bellinzona acquitted UBS in a money laundering case linked to the Bulgarian mafia, which originated from Credit Suisse's past. Credit Suisse had previously been fined 2 million francs and ordered to pay 19 million in compensation. Two defendants received reduced sentences, with one Bulgarian's term cut from 36 to 29 months and a former Julius Baer employee's from 14 to 5 months with parole.
The Federal Criminal Court has acquitted UBS in the Bulgaria case, previously linked to Credit Suisse, which was fined for failing to combat money laundering involving the Bulgarian mafia. The court reduced sentences for two other defendants, including a confidant of mafia boss Evelin Banev, who received a 29-month prison sentence. The ruling is not yet legally binding and can be appealed to the Federal Supreme Court.
The Swiss Federal Criminal Court has acquitted UBS of money laundering charges linked to the Bulgarian mafia, a case inherited from Credit Suisse. In 2022, Credit Suisse was fined CHF2 million for failing to prevent crime syndicate profits from cocaine trafficking. Additionally, the sentences of two defendants were reduced on appeal.
The Swiss Federal Criminal Court has acquitted UBS of money laundering charges linked to the Bulgarian mafia, a case inherited from Credit Suisse. In a previous ruling, Credit Suisse was fined CHF2 million for failing to prevent money laundering related to a drug trafficking operation. Additionally, the sentences of two defendants were reduced on appeal.
UBS has been acquitted by the Swiss Federal Criminal Court in a case involving money laundering linked to a Bulgarian drug gang, stemming from transactions at Credit Suisse, which UBS acquired in 2023. The court cited the death of a key witness as a reason for the acquittal, stating that further investigation would violate the presumption of innocence. This decision, which may be appealed by the Office of the Attorney General, effectively closes a case that dates back over 16 years.
UBS has increased its target price for ING Group from €20.60 to €21.00 while maintaining a "Buy" rating. Analyst Johan Ekblom highlighted the market's underestimation of the Dutch bank's growth potential, particularly in Germany, and anticipates a significant profit increase by 2026.
UBS maintains a "Buy" rating on ArcelorMittal, as reported by Cercle Finance. BOURSORAMA, acting solely as a distribution channel, emphasizes that it has no involvement in the analysis preparation and holds no conflicts of interest regarding the investment recommendations provided.
UBS shares fell 0.8% to CHF 27.53 at midday, remaining 6.90% below their 52-week high of CHF 29.57. The stock has seen a significant recovery, trading 22.19% above its 52-week low of CHF 22.53, with experts predicting a dividend of USD 0.819 for the year. UBS is set to release its Q4 2024 results on February 4, 2025, with anticipated earnings of USD 1.76 per share.
UBS
Companies
UBS / nyse
UBS Group AG
At close 09/20/2024 20:00:03
29.9$
-0.5$ (-0.02%)
After hours: 09/20/2024 21:13:31
29.8001$
-0.1$ (-0%)
Content of tab #2
UBS Group AG
UBS Group AG is a multinational investment bank and financial services company based out of Switzerland. It provides Wealth Management, Personal & Corporate Banking, Asset Management, and Investment Banking services to the private, institutional and corporate clients worldwide.
Sector
financial
Industry
Banking
CEO
Ralph A. J. G. Hamers
Employees
71697
Website
Address
Bahnhofstrasse 45, Zurich, CH-8001, CH
MachinaScore
5
Outperform
1
2
3
4
5
6
7
8
9
10
Analyst Consensus
Hold
Average Price Target:
33.32$ (11.44% Upside)
33.32$ (11.44% Upside)
Blogger Sentiment
Neutral
UBS Sentiment 55.00000000000001%
Hedge Fund Trend
Very Positive
By 3.48M Shares Last Quarter.
Insider Transactions
Negative
Worth -3.28M over the Last 3 Months
Crowd Wisdom
Negative
Last 7 Days
-0.01%
Last 30 Days -0.01%
Last 30 Days -0.01%
News Sentiment
Neutral
Bullish news 50%
Bearish news 50%
Bearish news 50%
Technicals
SMA
Positive
20 days / 200 days
Momentum
17.26
Trailing 12-Months
Fundamentals
Return on Equity
17.26
Trailing 12-Months
Asset Growth
-7.02
Trailing 12-Months
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
credit suisse acquitted in cocaine cash laundering case by swiss court
14:08 27.11.2024
credit suisse acquitted in cocaine cash laundering case by swiss court
14:07 27.11.2024
court acquits ubs in bulgarian mafia money laundering case
14:01 27.11.2024
federal court acquits UBS in money laundering case linked to Bulgarian mafia
14:00 27.11.2024
Swiss court acquits UBS in money laundering case linked to Bulgarian mafia
13:55 27.11.2024
Swiss court acquits UBS in money laundering case linked to Bulgarian mafia
13:55 27.11.2024
major bank acquitted in drug money laundering case after key witness dies
13:38 27.11.2024
ubs raises ing target price to 21 euros maintains buy rating
13:33 27.11.2024
ubs maintains buy rating on arcelormittal stock analysis released
13:27 27.11.2024
ubs shares decline amid mixed financial outlook and upcoming earnings report
13:26 27.11.2024
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