{
Marcel Gyr

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UBS acquitted of money laundering charges linked to Bulgarian mafia

UBS has been acquitted by the Federal Criminal Court in a case involving allegations of facilitating money laundering for the Bulgarian mafia, a case inherited from Credit Suisse. This ruling eliminates potential fines and compensation claims totaling around CHF 40 million. In contrast, Credit Suisse was previously found guilty and fined CHF 2 million in 2022 for its role in the matter.
Neue Zürcher Zeitung
Swiss Franc UBS CHE Marcel Gyr
TradFi, News Article
14:37 27.11.2024

ubs faces legal legacy of credit suisse amid ongoing criminal proceedings

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.
Neue Zürcher Zeitung
Swiss Franc Credit Suisse Anlagestiftung UBS SA CHE Sergio Ermotti Lorenz Erni Andrea Ermotti Isabelle Romy Marcel Gyr Show more
TradFi, News Article
09:00 02.10.2024
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