Julius Baer ordered to pay $162m over vanished East German cash

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Sat, 2020-09-26 03:06

ZURICH: Swiss private bank Julius Baer could seek to recoup 150 million Swiss francs ($162 million) from UBS after it was ordered on Friday to repay the German government over millions in East German cash that vanished after the fall of the Berlin Wall.
The German government has been seeking money that it says was illegally transferred out of East Germany when the communist regime collapsed.
At that time, large sums were moved from an East German foreign trade company to foreign banks, so the money could not be seized by a reunified Germany.

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