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Julius Baer accumulated 150 million francs from the GDR era. Now you have to return the money: the background.
Where does the money come from? During the fall of the Wall, a lot of money was set aside in what was then the GDR. Among other things, the GDR SED unity party, which brought the money to Switzerland through the Novum front company and the Viennese communist Rudolfine Steindling, was in business. For years, the German Federal Agency for Special Tasks (BvS) has been trying to find exactly those funds.
Who is Rudolfine Steindling? Steindling, also known as “Red Fini”, worked since 1973 as an independent trustee for the East Berlin companies Novum and Transcarbon, through which she distributed money to Switzerland and Austria for the GDR regime.
Rudolfine Steindling with former Israeli Prime Minister Ehud Barak.
imago images
What role does Julius Baer play in this? In 2005, Swiss private bank Julius Baer took over Bank Cantrade from UBS. But it was precisely on this bank that the millions of SEDs were parked, which Steindling deftly guarded for a long time. Until now, because the judgment of the Swiss Federal Supreme Court obliges Bär to return the 150 million francs.
Why did Bank Cantrade not react at that time? The Zurich High Court also had to ask itself this question. And not just once. The first time, he decided that Cantrade’s bankers had acted in good faith and were unaware of ties to East Germany.
But the BvS appealed against the first ruling, which was upheld by the Federal Supreme Court in early 2019. In a second assessment, the Zurich High Court then decided differently because the transactions between the front company Novum and Steindling were too conspicuous. .
Are there more funds of this type? According to Swiss criminal law professor Mark Pieth, there are still quite a few funds of this type in Switzerland and more funds will still come to light. But Switzerland has been trying to put an end to such machinations for several years and is very cooperative with the countries involved, reveals the expert.
How does the story continue? One thing is for sure, the money does not belong to the bank but to the former GDR, that is, Germany. This is also what the court decided. The 150 million francs must be returned. But Bär will now claim the amount from UBS and is already in constructive talks, the bank said on Friday.
