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Swiss Justice Authorities Accused Of Breaching Secrecy Rules In Yukos Probe

by Ulrika Lomas, for LawAndTax-News.com, Brussels

09 November 2004

According to reports in the Swiss media, the country's Federal Prosecutor's Office is being investigated by the government over allegations that it breached banking secrecy rules by responding to a Russian probe into the financial affairs of Yukos.

Menatap, the main shareholder in the ailing Russian oil giant has alleged that information on SFr6.2 billion of Yukos assets given by the Federal Prosecutor's Office to the Russian authorities was provided in contravention with Swiss banking secrecy laws.

The assets in question were reportedly frozen two weeks after the information was received by the Russian government, although the majority of the funds were later released following a ruling on the matter by Switzerland's highest court.

Speaking to the NZZ am Sontag newspaper at the weekend, cantonal prosecutor, Yves Maitre confirmed that an investigation into the activities of the Swiss justice authorities is underway, announcing that:

"I have been appointed special prosecutor with a six month mandate."

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