UBS unable to deliver client gold

UBS has another scandal: they are unable to deliver
the client his 8kilo gold bars

 

The man demanded that he be handed over to his 299 ounces of Gold. The Bank refused because the man did not want to confirm the correct taxation of the gold in writing. Now the Aargau upper court as a lower court to examine whether the UBS with the issuance of approximately 8.4 kilograms of Gold according to German law, a criminal offence would make.

The Germans invested in the years 2003 and 2007, three Times in a precious metal account with the UBS. In January 2014, he wanted to pick up his gold ounces. They had a value of around 330’000 Swiss francs.

Because the man did not want to, the disclosure form for the correct tax to sign, the Bank announced a business relationship to the end of March 2014. The customer didn’t mind. As before, he demanded the surrender of the gold. A Transfer to another financial institution, he suggested.

In February 2019, the Aargau upper court decided the dispute in accordance with the UBS. It came to the conclusion that the Bank had on the Basis of the money laundering act to ensure that the paper trail will not be blurred. This means it must remain on the basis of documents, to understand, where do the values come from and where they go.

The Supreme court considered the surrender as immoral, because it would violate regulatory standards, which served to public order and morality.

German law is decisive

The Federal court sees things a little differently and has lifted in a Thursday-published judgment, the decision of the Aargau upper court. According to the Lausanne judges in the present case is not of a doubt, the business is likely to relationship. With the physical delivery of the gold will not, therefore, violated the money laundering law. Therefore, no duty to keep track of the transaction was.

www.finanzen.ch/nachrichten/aktien/ubs-verweigert-deutschem-kunden-die-aushaendigung-von-8-kilo-gold-1028822355

 

AC