{"id":13222,"date":"2011-12-15T06:46:20","date_gmt":"2011-12-15T06:46:20","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=13222"},"modified":"2011-12-15T06:46:20","modified_gmt":"2011-12-15T06:46:20","slug":"banker-contempt","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/12\/15\/banker-contempt\/","title":{"rendered":"Banker contempt"},"content":{"rendered":"<p><a href=\"http:\/\/ftalphaville.ft.com\/thecut\/2011\/12\/15\/801041\/ubs-banker-backed-illegal-vehicle\/?ftcamp=crm\/email\/20111215\/nbe\/AlphavilleLondon\/product\" target=\"_blank\">FT Alphaville has reported<\/a> this morning that:<\/p>\n<blockquote><p>A senior\u00a0UBS private banker allegedly sanctioned the creation of an illegal offshore investment vehicle for one of India\u2019s most powerful businessmen, saying that Anil Ambani\u2019s status as a \u201cmega-client\u201d could justify waiving the rules,\u00a0a London tribunal has been told.<\/p>\n<p><a href=\"http:\/\/www.ft.com\/intl\/cms\/s\/0\/0043fea0-2669-11e1-85fb-00144feabdc0.html\" target=\"_blank\">The FT<\/a> says the claim, contained in email evidence submitted to the hearing this week, has been made in a case brought against two of UBS\u2019s former wealth management executives by the UK\u2019s financial regulator.<\/p>\n<p>The evidence shows that Kurt Kumschick, the Swiss bank\u2019s recently deceased former marketing head for wealth management in the India-Pacific region, told two junior colleagues that whether the bank should create the Mauritius-based investment vehicle for Mr Ambani would be a \u201cbusiness decision\u201d if the bank could not confirm its legality under Indian law.\u00a0Mr Kumschick died this week, according to UBS officials. His estate has no representation at the tribunal.<\/p><\/blockquote>\n<p>Now, I stress, it's just an allegation.<\/p>\n<p>But we've seen this attitude to the law too\u00a0often\u00a0from\u00a0financial\u00a0services\u00a0companies. And the penalties need to be very high indeed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FT Alphaville has reported this morning that: A senior\u00a0UBS private banker allegedly sanctioned the creation of an illegal offshore investment vehicle for one of India\u2019s<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/12\/15\/banker-contempt\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70],"tags":[],"class_list":["post-13222","post","type-post","status-publish","format-standard","hentry","category-banking"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/13222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=13222"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/13222\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=13222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=13222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=13222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}