R.T.Sakthidaran

Thursday April 30, 2009 11:37pm Reuters News: “UBS AG asked a U.S. court on Thursday to reject demands by U.S. tax authorities for confidential information about its American clients, saying disclosure would violate Switzerland’s bank secrecy laws”.

Endless Headaches to Obama

Refer my earlier blog on 22 February 2009 with the heading “Fraud Bank UBS on Their Knees in USA”. UBS had agreed to “account disclosure” as given below in its “deferred prosecution agreement” (CASE NO. 09-60033-CR-COHN):

Extract of the “Deferred Prosecution Agreement”

Unreliable Signatures of the Counsel to UBS AG

1. This agreement ensured safety to all the employees of UBS and the case was limited to UBS AG alone as a business entity! That means it is going to be an interesting legal war between two entities US Government and UBS AG. It will not affect any individual either in USA or Switzerland for the criminal economic offense. This is the first victory of the frauds.
2. Now, UBS is unwilling to disclose the “details of its US clients” by filing a law suit. If UBS is successful, this agreement would be null and void. This would be the second victory.
3. If the case fails, the time taken to deliver the final verdict would be the delay earned by UBS. This is the third victory as it would have gained time to manipulate various records and assets.
4. If UBS can go back on its agreement with US government, it can do anything with its clients. The depositors huge deposits are not safe!
5. Under these circumstances, I don’t think that UBS might have paid $315 million due to USA as per the “deferred prosecution agreement”.
6. UBS might also not have issued letters requesting the American customers to “terminate the account and business relationship with UBS”.
7. UBS AG dares to do nothing but protect the pirates. What USA would do now?

USA had gone on war for different reasons with several countries. Will it fight a war with SWISS and implement the agreement? The whole world is watching the case curiously to understand the attitude of the “tax haven” to fight their case effectively. I hope, OECD is following the news carefully as many countries are signing the ‘ Standard on Exchange of Information for Tax Purposes’.

It is the turn of the people of India, Russia and China to learn lessons from these news and recover the peoples’ hard earned money from “tax havens”� soon.

Jai Hind

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