At a US Senate hearing, Republican Senator Chuck Grassley leveled accusations against Credit Suisse, now part of UBS. An investigation uncovered indications of 890 accounts with potential Nazi ties, including those of the SS's economic arm. Grassley urged UBS to rectify the damage caused.
In a US Senate Judiciary Committee hearing, Senator Chuck Grassley accused Credit Suisse, now under UBS, of maintaining hundreds of accounts linked to Nazis during its past. The investigation overseen by Neil Barofsky revealed indications of 890 such accounts, including those of the Schutzstaffel's (SS) economic arm and a German arms firm. Grassley criticized the bank for concealing key details from investigators and accused UBS of obstructing the probe.
"I strongly urge UBS to find a way to make peace before it's too late, to make good the damage the bank has caused," Grassley stated. The hearing questioned UBS Americas CEO Robert Karofsky, UBS chief legal officer Barbara Levi, Barofsky, and a Simon Wiesenthal Center representative. At issue is the release of fewer than 300 out of about 16.5 million documents, which UBS resists.
Karofsky emphasized: "As promised, UBS has granted Mr. Barofsky unprecedented access to the files and archives of Credit Suisse." Exceptions apply to 1990s communications with lawyers. Barofsky reported an interim value of around 30 million Swiss francs in assets; the final report by year's end will cover more significant amounts.
Grassley also highlighted Credit Suisse's role in "rat lines" that enabled Nazis to flee to Argentina after World War II. The bank rented a building to the Argentine government used to organize escape routes. Karofsky confirmed the rental and that agency staff held accounts there.
The allegations stem from 2020, when the Simon Wiesenthal Center accused Credit Suisse of holding Nazi accounts in Argentina containing Holocaust victims' assets. The bank hired AlixPartners and appointed Barofsky as ombudsman. Grassley became involved in 2023. UBS has spent hundreds of millions on the multi-year probe involving 85 people. A 1999 settlement paid 1.25 billion USD to Holocaust survivors, which UBS views as final and seeks court confirmation for.
