DJ UBS: Probe Into Ericsson Launched On Bank's Initiative
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DJ UBS: Probe Into Ericsson Launched On Bank's Initiative
05/22/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)
ZURICH (Dow Jones)--A spokesman for Swiss bank UBS AG (UBS) Thursday confirmed that it's involved in the investigation into Swedish telecommunications company Ericsson (ERICY), but added that the investigation had been launched at the bank's own initiative.
"We're very comfortable with the situation because the investigation was launched on our initiative," Rudolf Buergin told Dow Jones Newswires.
Buergin said staff at the bank had noticed odd transactions in some accounts and alerted Swedish authorities.
Swiss authorities have raided several offices in and around Zurich as part of an ongoing investigation by Swedish prosecutor Lage Carlstroem into allegations Telefon AB LM Ericsson (ERICY) obstructed an audit by withholding tax information.
Sweden's economic crime bureau said in a statement the raids took place Wednesday, and a large number of documents and items which "may be significant for the investigation were seized."
The objective of the raids was to determine who at Ericsson may have been involved with an alleged improper transfer of money, it said.
Ivo Hoppler, a Zurich prosecutor involved in the investigation, said Swiss police, acting on a request for assistance from Swedish authorities, raided banks in Zurich and Schaffhausen and secured documents and electronic data.
A report in Swiss weekly Cash had named UBS as the main bank involved.
-By Carey Sargent, Dow Jones NEwswires; +41 1 211 6637; carey.sargent@dowjones.com
(END) Dow Jones Newswires
05-22-03 0934ET
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)
ZURICH (Dow Jones)--A spokesman for Swiss bank UBS AG (UBS) Thursday confirmed that it's involved in the investigation into Swedish telecommunications company Ericsson (ERICY), but added that the investigation had been launched at the bank's own initiative.
"We're very comfortable with the situation because the investigation was launched on our initiative," Rudolf Buergin told Dow Jones Newswires.
Buergin said staff at the bank had noticed odd transactions in some accounts and alerted Swedish authorities.
Swiss authorities have raided several offices in and around Zurich as part of an ongoing investigation by Swedish prosecutor Lage Carlstroem into allegations Telefon AB LM Ericsson (ERICY) obstructed an audit by withholding tax information.
Sweden's economic crime bureau said in a statement the raids took place Wednesday, and a large number of documents and items which "may be significant for the investigation were seized."
The objective of the raids was to determine who at Ericsson may have been involved with an alleged improper transfer of money, it said.
Ivo Hoppler, a Zurich prosecutor involved in the investigation, said Swiss police, acting on a request for assistance from Swedish authorities, raided banks in Zurich and Schaffhausen and secured documents and electronic data.
A report in Swiss weekly Cash had named UBS as the main bank involved.
-By Carey Sargent, Dow Jones NEwswires; +41 1 211 6637; carey.sargent@dowjones.com
(END) Dow Jones Newswires
05-22-03 0934ET
scuba
Fear blind us the opportunity, greed blind us the danger!
Fear blind us the opportunity, greed blind us the danger!
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