More records found linking Credit Suisse, Nazi accounts: US panel

The logo of Swiss bank Credit Suisse is seen at a building in Bern, Switzerland, on December 20, 2024. (AFP)
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Updated 05 January 2025
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More records found linking Credit Suisse, Nazi accounts: US panel

  • US Senate Budget Committee says Credit Suisse concealed information during previous inquiries into Nazi-controlled bank accounts during World War II
  • Credit Suisse, now a subsidiary of investment bank UBS, agreed in 1998 to take part in a $1.25 billion settlement of lawsuits brought by Holocaust survivors

WASHINGTON: An investigation by a US Senate panel has found that troubled investment bank Credit Suisse concealed information during previous inquiries into Nazi-controlled bank accounts during World War II.
Tens of thousands of documents discovered during an ongoing examination have provided new proof of the existence of account holders linked to the Nazis, the Senate Budget Committee said in a statement released Saturday.
The bank did not reveal the existence of these accounts during previous investigations, notably in the 1990s, the committee said.
Credit Suisse, now a subsidiary of investment bank UBS, agreed in 1998 to take part in a $1.25 billion settlement of lawsuits brought by Holocaust survivors, but it has been accused of not being completely open about its past dealings with Nazis.
The Senate committee said Saturday that one set of newly discovered files, including 3,600 physical documents and 40,000 microfilms, was found to have a “high relevance rate” of Nazi connections.




Screenshot image showing a portion of a US Senate Budget Committee investigation into Credit Suisse’s World War II-era accounts, which was posted online by Sen. Chuck Grassley.

It said the revelations stem from an interim report by former prosecutor Neil Barofsky, who was fired as an “independent ombudsperson” by the bank in 2022 after being pressed to limit his investigative work.
Barofsky was reinstated in the role in 2023 “as a result of the Committee’s investigation,” and after UBS’s takeover of Credit Suisse.
In a letter to the panel released Saturday, Barofsky noted the “extraordinary level of cooperation that Credit Suisse, under the leadership of UBS, has provided” since he rejoined the company.
But he said Credit Suisse had yet to share all the information it held.
The Barofsky team has discovered, among other things, accounts controlled by high-ranking SS officers, the Wall Street Journal reported.
In his letter, Barofsky highlighted “especially noteworthy” discoveries from a Credit Suisse research department.
“Numerous client files in the sample are marked with a stamp stating ‘Amerikanische schwarze Liste’ — meaning ‘American Black List’ — a list maintained by the Allies of individuals and companies that were directly financed by, or were known to regularly trade with, Axis powers,” he wrote.
“One file bearing this stamp relates to an entity that was involved in selling looted Jewish assets.”
Contacted by AFP, UBS said it was committed to providing a complete record of the former Nazi-linked accounts in Credit Suisse’s predecessor banks.
It said it would provide Barofsky with all necessary assistance in his work to shed light “on this tragic period.”
The Senate panel’s investigation is continuing.
 


Bangladesh sets February date for first vote since 2024 mass uprising

Updated 59 min 23 sec ago
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Bangladesh sets February date for first vote since 2024 mass uprising

  • At least 1,400 protesters were killed in violent crackdown under ex-PM Hasina’s rule
  • Interim government promises ‘all necessary support’ for upcoming elections

DHAKA: Bangladesh will hold national elections on Feb. 12, its chief election commissioner has announced, setting the timeline for the nation’s first vote since a student-led uprising that ousted long-serving Prime Minister Sheikh Hasina.

Hasina, whose Awami League party-led government was marred by allegations of human rights violations, rigged elections and corruption, was removed from office in August last year after 15 uninterrupted years in power.

Bangladesh has since been led by interim leader Muhammad Yunus, a Nobel Prize-winning economist, who took over governance after Hasina fled to India, where she is now in self-exile.

In a televised address on Thursday, chief election commissioner A.M.M. Nasir Uddin confirmed the voting date to elect 300 lawmakers and said a national referendum on political reforms would also be held on the same day.

“It’s a relief for the voters; it’s a relief for the country. It’s a relief for the investors, it’s a relief for the development partners and for the political parties and the people who did a massive job in July 2024 by sacrificing their lives and limbs to oust a tyranny,” said Prof. A.S.M. Amanullah, political analyst and vice chancellor of the National University in Dhaka.

Mass protests that broke out in 2024 began in early July as peaceful demonstrations, triggered by the reinstatement of a quota system for the allocation of civil service positions.

Two weeks later, they were met with a communications blackout and a violent crackdown by security forces.

A special tribunal in Dhaka found Hasina guilty of allowing lethal force to be used against the protesters, at least 1,400 people of whom died, according to estimates from the UN’s human rights office.

After a months-long trial, she was sentenced to death in November for crimes against humanity.

The February elections will take place in the aftermath of Hasina’s reign, with the Yunus-led administration banning all activities of Awami League, meaning the former ruling party would not be able to join the race next year.

Minor political tensions now revolve around the more than 40 million voters of the Awami League, as the public speculate “how they would move, in which party they would support or whether they would remain silent,” Amanullah said.

“(But) if you consider other than Awami League, if we consider the other political parties, I think the other political parties are sufficient, you know, to make the next poll participatory, and free and fair.”

Bangladesh last held elections in January 2024, which saw Hasina return to office for a fourth consecutive term. That vote was boycotted by the country’s main opposition parties, which accused her administration of rigging the polls.

“There is a growing demand within the society and in the community that they would cast their first vote after almost 15, 16 years. And that would be an (occasion) of big national celebration,” Amanullah said.

In February, more than 127.6 million Bangladeshis will be eligible to cast their vote. It will be Bangladesh’s 13th election since the country gained independence in 1971.

The long-awaited election process now begins with the filing of nominations from Dec. 12 to 29, which will then be reviewed over the following six days. The last date for withdrawing nominations is Jan. 20.

After the voting date was announced, Yunus pledged to “provide all necessary support” to encourage festivity, participation and fairness in the upcoming polls.

“After the historic mass uprising (last year), the country is now moving toward a new path,” he said in a statement. “This election and referendum will consolidate that trajectory, prioritize the will of the people and further strengthen the foundation of a new Bangladesh.”

For Malaika Nur, a 24-year-old Dhaka University student who took part in the 2024 protests, the elections are an opportunity for young people to formally take part in politics.

“Young people have been showing much interest in politics since July 2024. They showed us how the youth can reshape a country’s political condition. If they have a few seats in the parliament, it can be a game-changer for the future of politics in Bangladesh,” she said.

“I hope this election will be different from the last three elections held in the previous regime. There will be a festive mood, people will cast their valuable votes and will get to choose their representative … I hope the elected government will ensure safety and basic rights of every citizen, and will hold fair elections in the future and will not become another fascist.”