Ship owner charged with fraudulently claiming Swiss state funds
Switzerland is currently paring back its merchant navy fleet.
swiss-ships.ch
Switzerland has filed charges against a ship owner for allegedly submitting fraudulent claims for state financing guarantees. The 66-year-old is accused of inflating the construction and purchase prices of vessels to unfairly win a bigger credit facility from the Swiss state.
This content was published on
1 minute
swissinfo.ch/mga
Switzerland underwrites the debts of several ocean-going vessels that make up its merchant navy, which was formed just after the Second World War to guarantee supplies to the landlocked country. In return, Switzerland retains the right to requisition these ships in times of crisis.
The credit guarantee system was disbanded in 2016 following allegations of fraud and complaints that costs had spiraled out of control.
On Monday, Swiss prosecutors announced proceedings against one ship owner surrounding the award of CHF130 million ($132 million) worth of guarantees. The accused, who has not been identified, denies the charges of forgery of documents and unfaithful business practices.
Switzerland is also in the process of downsizing its merchant navy fleet following a downturn in shipping freight and the emergence of other means to keep the country supplied. The demobilisation process will cost CHF300 million.
At the end of 2016, Switzerland had 47 ocean-going vessels with guaranteed loans totaling CHF794 million. Following the sale of the latest batch of eight ships (announced last month), the fleet will be pared back to 20 vessels, with debt obligations amounting to CHF374 million.
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?
Swiss price watchdog negotiates lower fees for card payments
This content was published on
Small businesses in Switzerland will have to pay fewer fees for cashless payments from customers over the next few years.
Lakes in Central Switzerland have best water quality for bathing
This content was published on
Anyone who swims in a lake in Central Switzerland need have no fear of infection from intestinal bacteria. The water samples taken at 65 bathing sites in 13 lakes all have good to excellent bathing water quality.
This content was published on
Unknown assailants have stolen a historic ring from a Basel museum. The stolen item was a gift from Russian Tsar Alexander I to his host in Basel in 1814.
More May hotel guests in Basel than at any time in past 90 years
This content was published on
Basel hotels recorded 150,854 overnight stays for the Eurovision Song Contest in May. This corresponds to a year-on-year increase of 8.4%.
Demand remains high for rental flats in Switzerland
This content was published on
More rental flats are once again being advertised on property portals in Switzerland. However, demand also remains very high.
One in five Europeans exposed to too much traffic noise
This content was published on
More than one in five Europeans are exposed to unhealthily high levels of traffic noise, according to the European Environment Agency (EEA).
New living space through densification often comes at expense of the poor
This content was published on
If demolition and new construction are carried out and tenants have to make way, low-income households are affected more often than average.
This content was published on
The ceasefire in the Iran-Israel war has visibly eased tensions on the financial markets. The SMI, Switzerland's leading stock market index, has risen above the 12,000 point mark again.
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
Demobilising Swiss merchant navy to cost another CHF100 million
This content was published on
Eight more ships, from the Massmariner company, are to be sold off, bringing the size of the fleet down to 20. The government has asked parliament to stump up another CHF128.7 millionExternal link to cover the outstanding debts of the ships. Following their sale, losses are expected to amount to CHF100 million. In 2017, parliament…
This content was published on
Two more ships in Switzerland’s maritime commercial fleet are in financial difficulties, according to government reports.
This content was published on
The Swiss merchant fleet, whose home port is Basel but whose ships never sail within sight of Swiss soil, was founded in 1941 when, as the war escalated, finding new avenues to bring essential economic supplies into Switzerland was paramount. Today the fleet, which contributes just a fraction to Switzerland’s gross domestic product compared with…
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.