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Investigative committee unlikely in UBS case

It is looking less likely that there will be a parliamentary investigative committee looking into the UBS affair.

Both the centre-right Christian Democrats and the Radical Party are against the move, as is the office of the Senate – which voted four to one to recommend that no committee be formed, Senate speaker Erika Forster announced Tuesday evening.

However, the centre-left Social Democrats, the Green Party and the rightwing Swiss People’s Party are in favour of creating an investigative committee.

Now the decision lies with the parliamentarians. The House of Representatives will vote on Wednesday next week, and the Senate will vote the Monday after that.

Earlier this week, a parliamentary report said that the government had failed during the global economic crisis and in its treatment of UBS.

In August 2009, Switzerland and the United States reached a deal in a tax case that lifted the threat of crippling legal action against UBS but will require the bank to hand over confidential client data.

In trying to save UBS from further conflicts with the US, the government stepped in and upgraded the deal to a state contract subject to parliamentary approval afterwards. and agencies

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