The decision of the Taiwanese Supreme Court at the end of 2019 confirming the illegal origin of the funds held in Swiss bank accounts has paved the way for restitution of the second tranche of $266 million.
This is likely to be the last restitution by the Swiss in this corruption case. “It could not be proven that the other frozen funds were derived from corruption, so the sequestration of these assets will be lifted,” the Federal Office of Justice said in a statement on Thursday.
Long battle
It is alleged that the French former state-owned firm Elf Aquitaine, used bribes – which ended up in Swiss bank accounts – to persuade French and Taiwanese authorities to approve the sale of the frigates. These were sold via another French firm, Thomson-CSF (now Thales), in a deal that was worth an estimated $2.5 billion.
In 2001 Taiwan submitted a request for legal assistance to Switzerland in connection with the suspected kickbacks. The Alpine nation froze assets of almost $900 million and handed over numerous documents concerning blocked bank accounts to Taiwan in 2005.
In 2007 Switzerland, with the agreement of the account holders, returned a first tranche of $34 million to the Taiwanese authorities.
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Swiss return funds to Taiwan in frigate scandal
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The justice ministry confirmed on Wednesday that proceedings for an additional $490 million blocked in Swiss bank accounts were continuing. The affair, dating back to 1991, involves the controversial $2.5 billion (SFr3.25 billion) sale of six Lafayette frigates to Taiwan by the French former state-owned firm, Elf Aquitaine. It is alleged that Elf Aquitaine, via…
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