Julius Bär in talks with US authorities to resolve FIFA allegations
The bank's reputation and standing have taken a hit in recent years as a series of corruption and money laundering scandals.
Keystone/Ennio Leanza
Swiss bank Julius Bär says it may have to pay tens of millions of dollars to settle allegations by the United States over its role in a corruption affair concerning the world football body FIFA.
This content was published on
2 minutes
swissinfo.ch with Reuters news agency/ug
Julius Bär said on Wednesday that it had been cooperating with the US Department of Justice (DOJ) since 2015 in its investigation of alleged money laundering and corruption involving officials and affiliates of FIFA and associated sports media and marketing companies.
“The bank is currently in advanced discussions with the DOJ about reaching a resolution in such matter, which may result in the payment of a double-digit million US dollar amount,” it said in a statement.External link
The affair dates back to era of former chief executive Boris Collardi, who is now at the Pictet private bank.
FIFA was embroiled in the worst corruption scandal in its history in 2015 which led to several officials being indicted in the US on corruption-related charges.
Julius Bär this year was reprimanded by Switzerland’s financial supervisor FINMA for ignoring money laundering risks of FIFA-linked payments, while an ex-banker was convicted in 2017 in US District Court of conspiracy charges for arranging payments from a sports marketing executive to the Argentine soccer association’s president.
The Swiss bank has already been sanctioned this year in relation to money laundering offences and it was also ordered pay CHF153 million ($169 million) to settle a claim that one of its subsidiaries pilfered money from Germany during the reunification of the country in the 1990s.
In its media statement, the Swiss wealth manager also said that it planned to propose the distribution of the second part of its 2019 dividend at an extraordinary shareholder meeting scheduled for November.
Julius Bär was among Swiss banks that proposed splitting its CHF1.5 ($1.7) per share dividend this year out of caution over the coronavirus’s impact on finances.
Popular Stories
More
Swiss oddities
Mennonite movement turns 500 in Zurich, where it all began
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
This content was published on
After a one-year test phase, Zurich's cantonal police force are introducing an online police station. Demand is high and the response from the public has been positive.
This content was published on
The chic resort of St Moritz in southeastern Switzerland has registered "summer" as a trademark under the name "St Summer". The resort in canton Graubünden is launching a campaign to strengthen its summer business.
Swiss authorities report progress on station access for people with reduced mobility
This content was published on
The Federal Office of Transport (FOT) said on Wednesday that 43 stations had been adapted for people with reduced mobility last year. The vast majority of rail travellers (82%) now benefit from easier access to stations, it says.
This content was published on
The prices of homes and apartments in Switzerland rose again in June. In the Lake Geneva region, prices of detached houses rose sharply. Meanwhile, in Zurich and its surrounding region the opposite trend was observed.
Crowded airports expected in Switzerland this summer
This content was published on
Switzerland's main airports are preparing for a busy summer holiday period. A number of changes have been introduced to improve passenger flows that are expected to be well above average in July and August.
Zurich police arrest 38 football and hockey fans after violent incidents
This content was published on
Zurich police have investigated 48 cases of fan violence at stadiums in the Swiss city since last autumn and arrested a total of 38 people, Swiss public television, SRF, reports.
Cashflow problems affect UN Human Rights Council activities
This content was published on
Certain activities of the Geneva-based United Nations Human Rights Council cannot be carried out in 2025-2026 due of the ongoing cash crisis affecting the UN.
Plaintiffs take Khaled Nezzar case to European Court of Human Rights
This content was published on
Two plaintiffs in a serious war crimes case against former Algerian Defence Minister Khaled Nezzar have filed an appeal with the European Court of Human Rights.
Swiss nuclear power plant restarts as Aare River cools down
This content was published on
The Beznau nuclear power station in canton Aargau has been generating electricity again since Tuesday, as the Aare River has cooled down. Both reactors had been disconnected last week.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Julius Bär to cut 300 jobs after 2019 profit drop
This content was published on
Swiss wealth manager Julius Bär will cut 300 jobs this year as it looks to boost profitability after a double-digit percentage earnings fall in 2019.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.