20-09-2010: Press release Deminor - UBS - 20 September 2010

Deminor, Actares and Euroshareholders request the UBS Board of Directors to reconsider its decision not to initiate legal actions against former senior executives

 

In an open letter sent today to the Chairman of the Board of Directors of UBS (attached to this press release), Deminor, Actares and Euroshareholders formally request the Board to reconsider its decision not to take legal actions against former senior executives of the bank.

 

On 15 December 2009, the Board of Directors stated in a press release that "it will not initiate legal action against former senior executives in connection with UBS's subprime-related losses and its former US crossborder business for private clients. The Board took its decision after a thorough review of these matters, which included consultation with external legal experts." The Board never disclosed this review nor the external legal experts' opinion.

 

However, at the annual general meeting (AGM) of 14 April 2010, the UBS shareholders firmly rejected the Board's decision by voting against the discharge for the financial year 2007. As a result of this vote, the UBS Board of Director has the duty to take all necessary actions - including legal actions - against former senior executives whose discharge was refused by the shareholders.

 

In the meantime, the opinion defended by Deminor, Actares and Euroshareholders has been reinforced and confirmed by the Control Committees of the Swiss Federal Assembly which explicitly reminded UBS of its duties and recommended the re-examination of the bank's management of the subprime crisis and the US cross-border activities, including the possibility to file a criminal claim and to launch a civil action for liability, as well as the full transparency on the decision of the Board of directors not to launch criminal and civil actions against former UBS directors and managers. The Control Committees further insisted that its recommendations should be implemented as soon as possible.

 

The Board has so far refused to publicly confirm that it will reconsider its decision not to take such actions following the vote at the last AGM and the recommendations of the Control Committees.

 

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Contact:

 

Charles Demoulin
Tel +32-2-674-71-10

 

 

Download:

Joint Letter to Mr Kaspar Villiger - UBS - 17 September 20101.pdf