Arab Today, arab today swiss politician implicated in bank chief scandal
Last Updated : GMT 06:26:33
Arab Today, arab today
Arab Today, arab today

Swiss politician implicated in bank chief scandal

Arab Today, arab today

Arab Today, arab today Swiss politician implicated in bank chief scandal

Geneva - AFP

A scandal that threatened the standing of the Swiss central bank chief Philipp Hildebrand turned its focus on Tuesday onto a leading politician and critic of the banker. Swiss media reported that Christoph Blocher, an outspoken figurehead of the far-right Swiss People\'s Party, had perhaps skirted Swiss law in helping spark an investigation into a money transaction by Hildebrand\'s wife. Kashya Hildebrand reportedly exchanged a large sum of Swiss francs weeks before the Swiss National Bank moved to devalue the currency by imposing a minimum value against the euro. The SNB has since said an independent inquiry revealed no foul play. Le Temps newspaper reported on Tuesday that Blocher delivered extracts from the couple\'s banking documents to then president Micheline Calmy-Rey after requesting a meeting on December 15. Breach of client confidentiality is punishable by law but Basel authorities said on Tuesday no legal case had so far been launched. Authorities will only act if a complaint is lodged, public ministry spokesman Markus Melzl told the ATS agency. Blocher, who has been critical of the SNB\'s 1.20 floor for the franc against the euro, believing it should be higher for the sake of Swiss exports, has for the most part remained silent, merely telling media: \"There\'s a time to speak and a time to stay quiet. It is time to stay quiet.\" Ms Hildebrand, who runs an art gallery in Zurich, reportedly bought $500,000 on August 15, ahead of the SNB announcement on September 6 that it was to set a floor for the franc against the euro. The bank acted due to the currency\'s value soaring amid the euro debt crisis, biting into Swiss exporters\' earnings. After the measure was imposed the dollar gained 10 percent against the franc. The SNB responded to what it described as \"unfounded rumours\" in a statement on December 23, saying independent checks had been carried out which found no illegal transaction or exploitation of privileged bank information had occurred. All transactions were examined in detail and \"confirmed entirely with regulatory requirements,\" the central bank said. Blocher reportedly has strong contacts within the banking community, and in particular with Banque Sarasin in Basel where the transaction was said to have been made. The bank has not commented on the matter. The Swiss government has said only that it was informed of the transaction and not by whom. \"Breaching client confidentiality is punishable by law. You can go to jail for it,\" said a spokeswoman for the Basel-based Swiss Bankers Association. \"If that has been the case, then there ought to be an according procedure and sanctions.\" Under Swiss law the head of the central bank is allowed to manage his or her own money dealings, unlike at the Federal Reserve and the European Central Bank where they are obliged to place their assets in a trust administered by a third party.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today swiss politician implicated in bank chief scandal Arab Today, arab today swiss politician implicated in bank chief scandal

 



Arab Today, arab today
Arab Today, arab today Accessories designer reveals her new collection

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday