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.
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
Swiss return funds to Taiwan in frigate scandal
This content was published on
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…
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.