Published: 04 Dec 2012 13:06 GMT+01:00 | Print version
Updated: 04 Dec 2012 13:06 GMT+01:00
A former employee of the Basel cantonal bank (BKB) has asked Switzerland’s financial regulator to investigate the bank over management improprieties, according to a newspaper report.
The Aargauer Zeitung on Tuesday reported that a former employee of BKB’s Zurich branch contacted the Swiss Financial Market Supervisory Authority (Finma) for an audit of the bank.
The cantonal bank’s CEO Hans Rudolf Matter stepped down in October following a scandal involving foreign exchange trading at its ASE subsidiary.
Finma withdrew ASE’s trading licence after more than 500 investors lost more than 100 million francs, by BKB’s own estimates.
The financial authority launched an investigation into the FX company last May, stating that the investors, who were promised “very high returns . . . were victims of business practices that are the subject of ongoing investigations”.
“The case of the alleged ASE investment scam is just the tip of the iceberg,” the whistle-blowing former employee, who wishes to remain anonymous, told Aargauer Zeitung.
He alleges “unauthorized bond, equity and foreign exchange trading” by the bank in addition to its involvement with “aiding capital flight” and “dubious investment vehicles”, which he maintains were known to top management.
The cantonal bank in October issued its own report based on the independent review of a law firm that it acknowledged showed a “shocking picture” of the ASE activities.
But it also blamed weak supervision by employees at its Zurich branch, three of whom were let go, while a further four were given warnings.
The whistleblower was apparently one of those fired, although he alleges he made an enemy of the Zurich branch manager by earlier reporting his concerns to the bank’s legal branch, the Aargauer Zeitung says.
He denies seeking revenge against his former employer.
The cantonal bank has publicly stated that it took measures to improve internal operations and correct admitted mistakes in the wake of the ASE debacle.
A spokesman from Finma told Swiss media it will review the information it has received but that it cannot comment on the details.
China's Premier Li Keqiang has slammed the European Union for plans to probe the country's telecom products and impose taxes on its solar panels, Chinese state media reported on Saturday. READ () »
Tibetan exiles in Bern on Friday urged Swiss authorities to take China to task for its human rights record during a landmark visit by Premier Li Keqiang focused squarely on a trade deal. READ () »
Chinese Premier Li Keqiang on Friday hailed a free trade deal with Switzerland as a landmark achievement, saying it had "huge meaning" for global trade and underscored Beijing's growing openness to the world. READ () »
Steffan Millius grips his sword and makes his way through the throngs of people crowding into Appenzell's central square to take part in Switzerland's famous direct democracy in perhaps its purest form. READ () »
A University of Neuchâtel professor under fire for alleged plagiarism is now facing accusations of falsifying his CV. READ () »
The sailboat of Swiss explorer and adventurer Mike Horn was ordered seized by a Marseille court in a southern French port over a dispute involving a naval architect, according to a media report. READ () »
Geneva cantonal police raided eight erotic massage parlours on Tuesday for an investigation into tax fraud allegedly amounting to several million francs. READ () »
A diamond necklace from Geneva jeweller De Grisogono worth 2.5 million francs was reported stolen from Cannes on Thursday, just days after thieves made off with 1.4 million francs' worth of bling from Chopard, another jeweller from the Swiss city. READ () »
Chinese Premier Li Keqiang sees a looming free-trade deal with Switzerland as a touchstone for Beijing's growing ties with foreign nations, he told a Swiss newspaper on Thursday ahead of a landmark visit to Europe. READ () »
Whether you have ever or never visited the Netherlands, the country that crowned a new monarch this year is also celebrating a wealth of special jubilees in its popular capital. Here’s the lowdown on why Amsterdam is the place to be in 2013. READ () »