BREAKING NEWS

BREAKING NEWS

Berlin sues Swiss bank over vanished money from former East Germany

Now Reading:

Berlin sues Swiss bank over vanished money from former East Germany

Text size Aa Aa

Swiss bank Julius Baer is being sued over millions that disappeared from an account linked to the former East German government after the Berlin Wall fell nearly 25 years ago.

The suit has been launched in Zurich by the German state agency which is trying to track down Communist era assets.

It alleges at least 135 million euros was taken from the account of a foreign trade firm established by former officials of the German Democratic Republic.

Julius Baer rejects the claim, pointing out that the withdrawals – between 1989 and 1992 – were from another Swiss bank – Bank Cantrade – that it acquired from UBS in 2005.

A spokesman for UBS declined to comment.

with Reuters