atans1

GIC: UBS-US tax deal approved (somewhat*)

In Banks, GIC on 15/06/2010 at 5:13 pm

GIC can relax. Much earlier than expected the Swiss parly approved the deal.

If it had not been approved, UBS shareholders could have said bye-bye to their money. The US was threatening to indict UBS for assisting in the evasion of US taxes.

Update 16 June

Opps spoke too soon.There is a proposal for a national referendum on the accord, leaving its ultimate fate in doubt.

Will be a long hot summer as GIC (and we S’poreans) wait to see whether the US prosecutes UBS.

*And title was updated too to reflect continued uncertainty.

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