germany sues swiss bank over vanished east german cash
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Germany sues Swiss bank over vanished East German cash

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Germany sues Swiss bank over vanished East German cash

Swiss banking group Julius Baer in Geneva
Geneva - AFP

Berlin is suing one of Switzerland's largest banks in its bid to recuperate hundreds of millions of euros that went missing during the reunification of East and West Germany, the bank said Thursday.
Julius Baer told AFP it was being sued by Germany for 110 million Swiss francs (91 million euros, $120 million), plus interest, over allegations a bank it later bought had allowed cash to be withdrawn illegally.
"The bank denies the claim and has taken measures to protect its interests," spokesman Jan Vonder Muehll said in an email, adding that the bank had informed shareholders of the lawsuit in its last earnings report.
Since East and West Germany were reunified in 1990, the country has launched dozens of lawsuits in various jurisdictions to try to recover money stashed by the former regime.
German authorities filed the suit with a Zurich court last week charging that Cantrade, a bank bought by Julius Baer in 2005, had not stopped a former top East German official from illegally taking money.
Vonder Muehll insisted, however, that Switzerland's largest bank UBS, which sold Cantrade to Julius Baer, should answer the accusations.
The charges centre around colourful Austrian communist Rudolfine Steindling, who headed up East German trading company, Novum.
She transferred the money to several Swiss banks, including Cantrade, and withdrew the cash after the fall of the Berlin Wall.
Germany argues Steindling had no right to the cash, which was amassed by East Germany from fees charged to Western firms, and maintains the Swiss banks should have known that.
German authorities have already successfully sued another Swiss bank, a branch of Bank Austria, itself now part of Italy's UniCredit, in the same case.
That bank was ordered by Switzerland's top court last year to cough up 254 million euros ($337 million) in compensation for allowing Steindling to withdraw cash.

Steindling, who died in Israel in 2012 and was known to have a penchant for Channel suits, never revealed what she had done with the money.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

germany sues swiss bank over vanished east german cash germany sues swiss bank over vanished east german cash

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

germany sues swiss bank over vanished east german cash germany sues swiss bank over vanished east german cash

 



GMT 10:21 2016 Wednesday ,23 March

cartoon eleven

GMT 10:18 2016 Wednesday ,23 March

cartoon eight

GMT 10:18 2016 Wednesday ,23 March

cartoon seven

GMT 09:58 2016 Wednesday ,23 March

cartoon four

GMT 07:51 2018 Thursday ,18 January

Fighting Tsonga digs deep to reel

GMT 17:05 2016 Wednesday ,05 October

Burj Rafal Hotel Kempinski wins 2 new awards

GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 10:51 2017 Monday ,23 January

Actress Reham Hagag considers herself lucky

GMT 06:41 2018 Thursday ,18 January

Sudan holds communist leader

GMT 07:23 2017 Sunday ,15 October

Harvey Weinstein expelled by Oscars Academy

GMT 08:44 2015 Thursday ,19 November

'Invincible' bacteria threatens global epidemic

GMT 03:38 2017 Wednesday ,14 June

King holds talks with Dubai Ruler, Abu Dhabi CP

GMT 13:12 2017 Friday ,06 January

Nigerian midfielder Mikel leaves Chelsea for China

GMT 14:34 2017 Tuesday ,21 March

Minister promises to improve prisons

GMT 12:54 2017 Thursday ,04 May

Thomson Reuters celebrates 150 years
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice