- Joined
- Sep 7, 2008
- Messages
- 1,460
- Points
- 0
BASEL (Switzerland) - THE chairman of UBS will apologise on Wednesday on behalf of the Swiss banking giant for helping some US clients to evade taxes, an act which sparked lawsuits from US tax authorities.
'I am aware that UBS triggered this problem itself and we are deeply sorry,' Kaspar Villiger, chairman of the bank, will say, according to a copy of his speech to be delivered to shareholders at the bank's annual general meeting.
UBS, the US and Swiss governments last August reached an agreement that requires the bank to reveal the identities of 4,450 American account holders suspected of having evaded US taxes. In return, US authorities were prepared to drop their lawsuit against the bank. However, this deal now hangs in the balance, as it is pending approval from parliamentarians.
While acknowledging the bank's culpability, Mr Villiger will also urge parliament to approve the deal, saying that a failure of the accord 'would damage Switzerland's credibility abroad and could dramatically impact economic relations with the US.'
Mr Villiger is set to address boisterous shareholders who are likely to challenge the bank on its plan to absolve former executives from blame for its recent woes. Just hours before the meeting, a parliamentary commission also urged shareholders to reject a proposal by the bank to discharge former executives of the bank, thereby exempting them from possible lawsuits from the bank unless new evidence came to light.
Mr Villiger will however seek approval for the plan, by telling shareholders that none of 'nearly 10 internal and external investigations have brought forth evidence' to pose legal challenges. He will also say that in certain cases, bringing legal charges may not be in the interest of the company or shareholders. -- AFP
'I am aware that UBS triggered this problem itself and we are deeply sorry,' Kaspar Villiger, chairman of the bank, will say, according to a copy of his speech to be delivered to shareholders at the bank's annual general meeting.
UBS, the US and Swiss governments last August reached an agreement that requires the bank to reveal the identities of 4,450 American account holders suspected of having evaded US taxes. In return, US authorities were prepared to drop their lawsuit against the bank. However, this deal now hangs in the balance, as it is pending approval from parliamentarians.
While acknowledging the bank's culpability, Mr Villiger will also urge parliament to approve the deal, saying that a failure of the accord 'would damage Switzerland's credibility abroad and could dramatically impact economic relations with the US.'
Mr Villiger is set to address boisterous shareholders who are likely to challenge the bank on its plan to absolve former executives from blame for its recent woes. Just hours before the meeting, a parliamentary commission also urged shareholders to reject a proposal by the bank to discharge former executives of the bank, thereby exempting them from possible lawsuits from the bank unless new evidence came to light.
Mr Villiger will however seek approval for the plan, by telling shareholders that none of 'nearly 10 internal and external investigations have brought forth evidence' to pose legal challenges. He will also say that in certain cases, bringing legal charges may not be in the interest of the company or shareholders. -- AFP
