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Group Chief Executive Officer of Swiss Bank UBS Sergio P. Ermotti attends the Point Zero Forum at the Circle in Zurich, Switzerland on Tuesday June 27, 2023. (KEYSTONE/Michael Buholzer).
KEYSTONE
The Juso demands 75 million francs from UBS CEO Sergio Ermotti. The young party is thus drawing attention to the inheritance tax initiative, which will be put to the vote on November 30, 2025.
The name of Sergio Ermotti, the head of UBS, could appear in the Zug debt collection register in the next few days, writes "Watson".
The background to this is a claim for 75 million francs from the Juso Switzerland youth party. According to an invoice dated March 19, 2023, the sum is to be claimed for "climate pollution".
Juso President Mirjam Hostetmann justifies the claim by arguing that Ermotti, as a "super-rich person", is contributing to the destruction of natural resources through his actions. The amount corresponds to the amount that his heirs would have to pay if their inheritance tax initiative is accepted, according to the Juso.
This initiative, which will be put to the vote on November 30, 2025, stipulates that assets over CHF 50 million should be taxed at 50% in order to finance measures to combat the climate crisis.
According to Watson, the top banker's assets are estimated at CHF 150 to 200 million.
UBS CEO Sergio Ermotti received this unpleasant letter from the debt enforcement office in Zug.
Watson/Juso
The Juso deliberately set the date of the claim for March 19, 2023 - the date on which UBS took over Credit Suisse. A few days later, Ermotti was reappointed CEO.
Hostetmann emphasized to "Watson" that banks share responsibility for global warming - and that Ermotti is responsible as their CEO.
Part of his future inheritance should therefore be used to combat the climate crisis. The Juso president argues that the heirs of the top manager have done nothing to contribute to the expected fortune.
Legally, however, the claim is unlikely to have much substance. Media law expert Urs Saxer describes the debt enforcement as a political action without any serious basis. Nevertheless, a public discussion about Ermotti's assets is legitimate.
Debt enforcement and bankruptcy law expert Samuel Baumgartner also expresses doubts about the legal admissibility of the action. In principle, any person can initiate debt enforcement - even without proof of a claim. However, the debtor can stop the proceedings for the time being with a legal proposal.
In this case, there is clearly an abuse of rights, as it is not a real financial claim, but a political signal.
The action was probably not cheap for the young socialists. The fee for a payment order depends on the amount demanded. From an amount of one million francs, issuing a payment order costs a flat rate of 400 francs - payable in advance.
