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Monday, February 23, 2009

Switzerland to stop representing US over UBS?




Switzerland's biggest political party has called for retaliatory measures against the US over its tax probe in to the biggest Swiss bank UBS. The United States charges that the bank has helped rich Americans dodge taxes hiding assets in secret Swiss bank accounts. UBS agreed on Wednesday to pay a USD 780 million fine and hand over some client names to settle US criminal charges. The Swiss People's Party (SVP) declared on Saturday that Switzerland should, in response, refrain from assuming the Guantanamo Bay prisoners from the US thereby helping the closure of the notorious detention camp. Switzerland should review its policy of representing the US in the countries it has no diplomatic relations, the SVP said in a statement. Meanwhile, following the row over the US tax probe, there have been calls in the Swiss government urging the resignation of the UBS chairman Peter Kurer, while others maintained that Chief Executive Marcel Rohner should leave. "I am disappointed by the whole UBS leadership. Communication is lacking. The top management no longer feels what moves the people. Peter Kurer should take the consequences," Thomas Hurter from the Swiss People's Party (SVP) told the Sonntag newspaper, Reuters reported. The banking industry has helped transform Switzerland into one of the world's richest countries.

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