A new investigation into Swiss bank Credit Suisse has uncovered 890 previously undisclosed accounts potentially linked to Nazis, a U.S. senator said on Tuesday, as part of an effort to shed light on what he called the bank's hidden role in World War II crimes, UNN reports, citing Reuters.
Details
Among the owners of these military accounts were the German Foreign Office, the paramilitary SS organization, and a German arms manufacturing company, U.S. Republican Senator Chuck Grassley told reporters at a briefing.
He did not provide details on how much money might have been stored in these accounts or their current status.
These organizations were part of the Nazi apparatus under German leader Adolf Hitler, which facilitated the Holocaust, resulting in the deaths of approximately 6 million Jews.
On Tuesday, the U.S. Senate Judiciary Committee, chaired by Grassley, heard additional details of an investigation conducted by American lawyer Neal Barofsky. Swiss bank UBS, which acquired Credit Suisse in an emergency takeover in 2023, hired him to conduct the investigation.
Barofsky previously led an investigation when Credit Suisse was an independent bank and "claimed the bank tried to obstruct it and fired him," the publication writes.
On Tuesday, Barofsky stated at the hearing that the bank "in the Nazi era was prepared to expropriate money from accounts belonging to Jews and transfer it to Nazi clients."
According to him, "his investigation found evidence that Credit Suisse's banking relationship with the SS was more extensive than previously believed, and that the SS economic unit had an account with the bank," according to the testimony.
Also, "new details have emerged about the bank's involvement in a scheme to help Nazis escape to Argentina," Barofsky said.
Both UBS and Credit Suisse apologized and reached a global settlement in 1999 that ended all Nazi-era claims, including any future claims, and was intended to put an end to the dispute, UBS said, describing the investigation as a voluntary initiative. UBS said it recognized and deeply regretted that the World War II era was a dark period in the history of Swiss banking.
At the acquisition of Credit Suisse, UBS fully committed to resuming the investigation and has since taken significant steps to facilitate Barofsky's review, UBS Americas President Robert Karofsky said at the hearing.
"Now, with three years of experience, our priority is to complete this review so that the world can benefit from the results contained in the upcoming final report," the statement said.
According to aides on the Senate Judiciary Committee, the investigation is expected to conclude by early summer, with a final report anticipated at the end of the year.