Federal Criminal Court UBS requests suspension of the Bulgaria appeal proceedings

UBS is requesting the suspension of the appeal proceedings in connection with the money laundered for the Bulgarian mafia. It should wait until the Federal Supreme Court has made a legally binding decision on its application to discontinue the proceedings.

The major bank had to take the place of Credit Suisse, which was charged by the Office of the Attorney General of Switzerland (OAG) with qualified money laundering along with other players.

There is no legal basis for this transfer, said one of UBS's lawyers at the start of the trial on Tuesday. He recalled that the takeover of Credit Suisse had been decided by the Federal Council in order to save the Swiss financial center.

The proceedings are about events that took place 17 years ago in another bank that was managed by other bodies, said the defense lawyer. UBS had no influence on these machinations. The proceedings must therefore be suspended until the Federal Supreme Court has ruled on UBS's application to discontinue the proceedings.