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The Federal Criminal Court has denied UBS's request to halt proceedings in a money laundering case linked to the Bulgarian mafia, which arose after UBS's acquisition of Credit Suisse. UBS argues that the demise of Credit Suisse should end the case, but the court insists it will proceed, allowing for a financial expert's testimony on due diligence obligations. Previously, Credit Suisse was fined for facilitating money laundering for a cocaine trafficking network.
In the ongoing Bulgarian money laundering trial, UBS maintains its innocence, asserting no connection to the accusations against Credit Suisse. A former banker involved with the Bulgarian Mafia expressed surprise at the lack of scrutiny from his previous employer, Julius Baer, regarding suspicious funds. The trial continues with closing arguments scheduled until October 10.
UBS is held accountable for the criminal actions of Credit Suisse (CS) regarding the Bulgarian drug mafia, as ruled by the Federal Criminal Court. Despite UBS's arguments that it should not inherit CS's legal issues, the court affirmed UBS's status as CS's legal successor, complicating its appeal following a guilty verdict against CS for anti-money laundering violations. The case is further complicated by the death of a co-defendant, raising questions about the validity of the conviction against the now-defunct CS.
Andrea Ermotti
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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