Three solutions are then available to the GovernmentTrucks moved to chlorinated products spent by sector North reserved to nitrateBecause the strength of the yen does not excuse everything1 a level comparable to that of Sri LankaResistance to the crisis was organised in formula 1It is then that Lyonnaise enters the danceEconomic financial and political climate is readyThe quarterly results season in full swingIn the spring of 2004 for a total cost of 46Use new technologies to revolutionize alloysAs early as Wednesday evening, UBS has responded to the opinion of the Commission de surveillance du secteur financier (CSSF), the Luxembourg regulator puts it with his shortcomings as the depositary of the investment fund Luxalpha, Madoff-related and hired him to compensate the holders. On the eve of the appointment of its new Director General, Oswald Grübel, the Bank issued a letter entitled "UBS became aware of the release and will defend vigorously", in which it maintains its line of defence. "The Fund Luxalpha had created for affluent clients their explicit request to access a custom-made Fund which allowed them to continue to invest their assets in Madoff," ensures it, stating that "these investors, their advisors and the CSSF were informed that the sole purpose of Luxalpha was to invest the funds in Madoff."
Strange! Since the name of the broker, alleged $ 50 billion fraud, was quoted in the Luxembourg sicav prospectus, or in the exculpatory clause that refers to the Swiss Bank and which was attached to some the sicav subscription newsletters.
Deny the evidence, UBS can only attract trouble. "The response is not serious;" "this is tantamount to considering that Luxembourg law enforcement would not benefit the wealthy and that in 2007, UBS received $ 24 million in commissions for benefits which it has not carried out," rebelled Marc Pierre Stehlin, founder of the firm of Stehlin & Associés.
Accelerate procedures
The CSSF confirms that the breaches by UBS are serious faults within the meaning of article 36 of the Act, 2002. "It allows investors to act directly against the wrongful depositary", welcomes Géraldine blaze-Gatehouse, counsel, Stehlin & Associés, which underlines the urgency for investors and financial operators to speed up the proceedings against UBS. "UBS Luxembourg is, as recalled by the CSSF, repair the damage it has caused and suffered by investors, but what form and what time". The release of the CSSF is silent on these two essential points for investor victims. Must these repairs to UBS Luxembourg load intervene now "wondered Emmanuel Asmar, Asmar & Assayag counsel.
For Jean-Guillaume de Tocqueville, lawyer with Gide Loyerette Nouel, this official communication from the regulator reinforces the validity of his summary of the week last to obtain binding documents Madoff, Luxalpha and UBS. "In addition, the regulator provides us support for actions at the bottom against the promoter and the depositary and the response of UBS of angles of attack fiduciary responsibilities and information provided to customers," he said. This position taken by the Luxembourg regulator gives also free the defendants to focus more closely to the other European depositary referred to in the folder Madoff funds. "We will seize the CSSF to make investigations on HSBC at the Luxembourg, which is custodian of the Fund Hermes and Herald", announces Isabelle Wekstein of Wan-lawyers. February 10, stock market authority of the Grand Duchy had also removed this last sicav from its official list of collective investment undertakings.
HSBC is also affected by other Madoff Fund, Irish Thema. The decision of the CSSF may inspire the regulator of the Green Erin.
