UBS fails on appeal in legal proceedings

UBS’s requests to dismiss and suspend the proceedings pending a decision by the Federal Supreme Court have been rejected.

On the second day of the appeal trial regarding the Credit Suisse money laundering case linked to the Bulgarian mafia, the Federal Criminal Court in Bellinzona rejected UBS’s claims.

According to Swiss news agency SDA, the chairman explained that UBS’s request to dismiss the case is currently pending before the Federal Supreme Court. The appeals chamber would therefore make no decision.

Principle of accelerated procedures

The court also rejected the request for suspension. The principle of accelerated procedure requires that the process be continued. However, the appeals chamber reserves the right to postpone the publication of its decision until the Federal Supreme Court has ruled.

UBS requested a stay of the trial, citing the pending decision of the Federal Supreme Court. The bank wants the case dismissed, arguing that there is no legal basis for transferring responsibility from Credit Suisse to UBS.