Introduction: Many international commercial contracts (such as e.g., construction, distribution, sale and purchase) are governed by Swiss (substantive) law as per a choice of law provision. Often the choice of law is made in combination with an arbitration clause referring disputes to arbitration in Switzerland. The effect of international sanctions on commercial contracts has become a burning issue once more due to the sanctions adopted by the international community against Iran. The present note briefly analyses the Swiss regime of sanctions against Iran, and some contractual issues that might arise from contracts governed by Swiss substantive law. In 2010, the trade volume between Iran and Switzerland amounted to CHF 741 million, with machinery and equipment as the predominant export to Iran. The trade volume of contracts related to business transactions with Iran and governed by Swiss substantive law is unknown, but it is safe to assume that it is a multiple of the above amount.

In June 2010, the United Nations Security Council adopted new and tighter sanctions against Iran aiming at stopping Iran’s nuclear program (UN Security Council’s resolution 1929 of 9 June 2010). Based on this resolution the United States, the European Union and several other important countries (including Australia, Japan, Canada) implemented even broader sanctions against Iran. Those sanctions consist of strict economic and financial embargos banning imports from and exports to Iran, and also contain a blacklist of Iranian companies and individuals with whom trade is prohibited.

In August 2010, Switzerland transposed the UN resolution into Swiss national law by amending the existing Federal Ordinance of 14 February 2007 on Measures against the Islamic Republic of Iran. On 19 January 2011 Switzerland also tightened its sanctions against Iran by adopting a new Federal Ordinance (the “Ordinance”) which replaced the 2007 Ordinance. It came into effect on 20 January 2011 and, in principle, aligns Switzerland’s position with that of the UN.

The (new) Swiss Sanctions: The Federal Embargo Act (“EmbA”) is the legal basis for Swiss sanctions against foreign countries. Pursuant to Articles 1 and 2 EmbA, the Swiss Government can enact coercive measures imposed by the United Nations, by the OSCE, or by Switzerland’s most important business partners aiming to ensure the respect of public international law, namely compliance with human rights.

The Ordinance imposes a strict ban on export of so called dual use goods, technologies, and software (i.e. products and technologies normally used for civilian purposed which may also have a military application). Furthermore, since it is assumed that Iran finances the enrichment of uranium through the revenues of its oil and gas sector, the export restrictions also encompass goods that may be used in this sector. Furthermore, any financing of or shareholdings in Iran’s oil and gas sector is prohibited.

The Ordinance also affects Switzerland’s financial sector and contains e.g. a prohibition for Swiss (re-)insurance companies to contract with Iranian individuals or entities. Likewise, the law proscribes Swiss banks from transacting with Iranian banks. Furthermore, any money transfer to or from an Iranian individual or company over CHF 10’000 must be reported to Switzerland’s State Secretariat for Economic Affairs (the “SECO”); transfers exceeding CHF 50’000 even require a prior authorization from the SECO. The Swiss financial institution executing the transfer must file the request for authorization. Where that institution is not based in Switzerland, the Swiss beneficiary or the party ordering the money transfer must report it and seek prior authorisation. The SECO will grant a request if the money transfer does not violate the Ordinance or any other Federal Acts applying to the proliferation of armaments. Finally, the Ordinance also provides for a long blacklist of Iranian individuals and companies whose assets in Switzerland have been frozen and with whom any kind of transaction is prohibited.

Any violation of the Ordinance is punishable by imprisonment of up to one year or a fine of up to CHF 500’000.

Some Issues Arising under Swiss Law:

a. No bar to arbitration- The effect, if any, of a sanction on arbitration agreements is determined by the (arbitration) law at the place of arbitration. The nullity of the contract containing the arbitration agreement does not necessarily lead to the nullity of the arbitration agreement. Under Swiss arbitration law, all claims with a monetary value are arbitrable (Article 177 Private International Law Act), irrespective of whether the underlying contract is void or enforcement would be prohibited by international sanctions (Decision of the Swiss Federal Supreme Court Fincantieri v OTO Melara in ASA Bulletin 1993, 58 regarding sanctions against Iraq).

b. Illegality/Impossibility- Even if arbitration is possible, the claim may fail on the merits. Article 20 of the Swiss Code of Obligations (“CO”) sets forth three grounds on which a contract can be null and void: First, the contract is impossible to perform, second it has an illegal content, or third it violates bonos mores. A contract is illegal if its content, its conclusion or its purpose is incompatible with mandatory provisions of Swiss law. A contract must be lawful at the moment the parties conclude it. As a consequence, even if a dispute arises at a time when the contract is no longer unlawful (e.g. because the embargo was lifted), the contract remains null and void (Decision of the Swiss Federal Supreme Court 102 II 401 of 21 December 1976). This is, however, controversial and some scholars opine that in such circumstances, the illegality is cured (Claire Huguenin in Basle Commentary to the Swiss Code of Obligation I, 4th edition 2007 to Article 19/20 CO, N 16 with further references).

As to the impossibility of performance, it might arise from factual or legal circumstances. It is therefore not necessary that a given performance obligation under a contract be factually impossible so long as the law prohibits such performance, provided that the law is of permanent nature. Situations of temporary impossibility do not cause the nullity of the contract but are considered as being a situation of default under Swiss law. Most embargos are of temporary nature and therefore tend to cause default situations rather than a permanent impossibility. However, in a decision dating back to 1955, the Swiss Federal Supreme Court accepted embargos as possible causes for (permanent) legal impossibility (Decision of the Swiss Federal Supreme Court 81 II 613 of 13 December 1955). As a consequence, embargos such as that provided for by the Ordinance may give rise to a legal impossibility.

c. Supervening impossibility- If a contract becomes unlawful after its conclusion (“supervening impossibility”) by operation of a law enacted subsequently, the law cannot retroactively invalidate the contract (Decision of the Swiss Federal Supreme Court 100 II 105 of 28 March 1974). While impossibility ab initio under Article 20 CO renders a contract null and void ex tunc, an intervening impossibility merely exempts the obligor from its performance obligations as of the moment when the impossibility intervenes (Article 119 CO). Parties are free to include risk allocation clauses in their contract which apply in the event of international sanctions or provide for a mere suspension of performance in a force majeure clause (instead of extinction of the obligation as provided for by Article 119 CO).

As is the case with initial impossibility, likewise a supervening impossibility must be of a permanent nature, which may not hold true for most embargos. Nevertheless, as already outlined, Swiss courts have accepted payment restrictions imposed by Switzerland as a potential cause of legal impossibility. In a case involving a Swiss (national) embargo on exports of certain types of machines that could be potentially used in the production of nuclear weapons, the Swiss Federal Supreme Court ruled that the enactment of embargo qualified as a supervening legal impossibility within the meaning of Article 119 CO. The Supreme Court specified, however, that the seller of such goods may still be held liable for any damages resulting from non-performance if he knew or could have known about the future embargo at the time the contract has been entered into (Decision of the Swiss Federal Supreme Court 111 II 352 of 3 September 1985).

As stated, certain Swiss legal scholars consider that a temporary embargo does not constitute a legal or permanent impossibility within the meanings of Articles 20 and 119 CO, respectively, but merely a default situation. In this context, the award in ICC arbitration no. 7575 is of interest (Reported in Journal de droit international 2010, p. 1377). As the relevant embargo (against former Yugoslavia) was no longer in place, the arbitral tribunal found that there was no obstacle to the future performance of the contract. Another interesting question examined by the arbitral tribunal was whether interest continued to accrue during the embargo. The tribunal considered that interest was due and served to redress currency devaluation.

by Matthias Scherer (mscherer@lalive.ch) and André Brunschweiler (abrunschweiler@lalive.ch) @ LALIVE

image_pdfimage_print

2 comments

  1. Sods —–
    Law.

    March.—-
    2014.

    For almost two
    decades we have strived to get justice for the injustice we have
    suffered at the hands of a world renowned bank— PICTET & CIE.
    BANK.

    Two yorkshiremen
    both running their own small family businesses trying to resolve the
    problem by taking all the correct legal procedures to recover their
    monies.

    The matter was
    raised in Parliament – twice– the FSA investigated the matter
    concluding that PICTET had rogues operating in their London Bank —
    but the rogues had left —saying no one left to prosecute.??? —–
    so there.

    We then
    approached the Financial Ombudsman Service. (FOS) — our case was
    dealt with by seven different people —- then our numerous E-Mails
    were ignored — nobody would speak to us ——-so there.

    We then asked the
    SFO ( Serious Fraud Office.) to investigate our case —- the
    criteria of our case ticked all their boxes. — we were instructed
    not to send them any documents/evidence.—— in fact they wrote to
    us advising us to go to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman
    the SFO boss —- who responded to our letter was the same man who
    would not investigate the “ Madoff” scandal or the “Libor”
    fiasco.

    The MP’s
    committee —- said he was sloppy— and the SFO was run like “
    Fred Karno’s Circus” —– it was an office of fraud.—– so
    there.

    Our M.P.
    approached our local Chief Constable to investigate—– he was
    called—- Sir Norman Bettison— Chief Constable of West Yorkshire
    Police —- a force that made “ Dad’s Army” look like the S.A.S.
    They were inept – corrupt —malicious — from top to bottom. We
    were criminally dealt with by the Forces Solicitor—- the Head of
    the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then
    advised to pass our complaint against West Yorkshire Police to the
    I.P.C.C. – which we did — they advised us to make our complaint
    to —- the West Yorkshire Police — we did with reluctance — all
    we got was abuse and obfuscation. —– so there.

    Sir Norman
    Bettison —- The Forces solicitor— and the Head of the Economic
    Crime —- have all been removed from their posts and facing criminal
    allegations.

    —— so there.

    We even sought
    justice through the Courts — culminating in a visit to the Court of
    Appeal-London.— On leaving the Courts of Appeal that day our
    barrister a “rising star” informed us — that if that was
    Justice then you can keep it. He quit the law and moved to Canada
    —– so there.

    A few years later
    we learned that one of the judges in our case at the Court of Appeal
    was related to a senior executive of the Pictet Bank —–so there.

    Pictet & Cie
    .Bank — voted private bank of the year 2013.

    Ivan Pictet —-
    Voted banker of the year 2012. —- the senior partner — lied on
    numerous occasions and had documents destroyed — also said genuine
    documents were forgeries. —– so there.

    Ivan Pictet in
    Oct. 2013 —- Given the Legion of Honour — but saying that —-
    honours were given to Hitler — Eichmann — Mussolini —Franco
    — he’s in fitting company. —-so there.

    MONTY
    RAPHAEL.Q.C. — Peters & Peters.London. They were the banks
    lawyers.

    Monty
    Raphael.Q.C. along with Ivan Pictet withheld crucial documents
    requested by the High Court —- the FSA —- and the police Fraud
    Squad. —-so there.

    Monty
    Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

    Monty
    Raphael.Q.C. became a Master of the Bench in Nov.2012.

    An expert in
    Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot
    about Banks — the consensus of opinion is that they are highly paid
    “crooks” —- no wonder they voted Ivan Pictet banker of the
    year.

    It appears that
    crimes in the “establishment.” are honoured by their peers.

    “HONOURS
    AMONG THIEVES.”

    Full Story.—-
    “google or Yahoo”

    Insert.

    Ivan
    Pictet.Banker.

    Monty
    Raphael.Q.C.

    Ivan Pictet/Monty
    Raphael.

    Update
    — March. 2014.

    Pictet
    & Cie Bank —- List of Crimes.

    1996 —–
    F.S.A— Breach in London.

    2003 —– F.S.A.
    — States rogues operating in Pictet’s London office. Ivan Pictet
    states that documents
    were forgeries but were later proved to be genuine in the British
    Courts. He had documents destroyed in their London office –hoping to
    hide the crimes.

    2007
    .- – – The Securities and Exchange Surveillance issued a
    recommendation that the Prime Minister and The Commissioner of
    the FSA to take disciplinary action against Pictet Asset Management –
    Japan Ltd.

    2008
    .– Dec. – Pictet Bank state – ” We have never chosen
    any funds linked to Madoff.

    2011 – – – Madoff
    Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet &
    Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for
    $350Million

    2012 – – – April
    – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank in order to
    collect large fees. ( Like MADOFF)

    Even after the SEC
    in the USA uncovered the fraud Pictet continued to charge fees and
    drain whatever was left in these accounts. Estimated that $90 million
    lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in Panama and
    a tax loophole involving investments in London to gain German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    2013
    — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of
    ” criminal origins”

    held
    in Swiss banks – $18 million held in 5 accounts at Pictet &
    Cie. Bank. Bahamas.

    Ironically
    the Pictet & Cie.Bank partners are bigger criminals than the
    criminals who have accounts in the their bank.

    The
    bank is now seeking to re-structure — to cut the partners liability
    – hoping to off load their decades of criminal responsibilty –
    and move onwards to carry out new crimes. The Germans are right —
    the bankers should go to prison if found guilty of financial crimes..

    Both Ivan Pictet
    and Monty Raphael.Q.C. conspired to withhold crucial documents
    requested by the High Court – the FSA — and the Police Fraud
    Squad.

    Written
    Parliamentary Questions received by the table office ..

    (1) To ask the
    secretary of state what steps he is taking to ensure that Swiss Banks
    such as Pictet & Cie do not evade criminal prosecution under EU
    law even when the illegal act is committed by a London based
    subsidiary.

    (2)To ask the
    secretary of state what steps he is taking to protect the rights of
    UK citizens who seek redress following criminal activities by Swiss
    banks with subsidiary offices located in London.

    Quote.
    ( America’s Top Lawyer .)

    You can be
    the richest man in the world with the best lawyers that money can buy
    but you cannot win against a man who has got nothing left to lose and
    is telling the truth.

    *** We
    note that there has been a sharp increase in Peters & Peters
    partners leaving to go to other practices. Moving does not alleviate
    them of any responsibility from any illegalities that may have
    occurred at Peters & Peters during their partnership tenure. From
    1999 onwards.

    The consensus of
    opinion is the Pictet & Cie should be prosecuted , and that their
    U.K. banking licence should be taken away.

    Their Solicitors at
    Peters & Peters .London “ struck off and prosecuted..”

    *** Started
    campaign — June 6th.2008.

    5years —- approx
    10 .5 million e-mails – – – but still no writs, injunctions or
    threats of litigation – – – WHY – – – because it is all true.

    *** . The
    bigger they are — the harder they fall.!!!
    In America —- they would have
    all been in prison for the last seven years.

    Feb 2013,—
    Pictet & Cie Bank Partners remove their unlimited liability.They
    realise that all their personal wealth is at risk , the people they
    have conned might want their money back.

    Full Story.***

    . ” Google ”
    or ” Yahoo” .

    Insert– ( Charles
    Pictet. Banker.

    Insert– ( Ivan
    Pictet.Banker.

    Insert– ( Jacques
    de Saussure.Banker.

    Insert– ( Nicolas
    Pictet. Banker.

    Insert– (
    Jean-Francois Demole.Banker.

    Insert — (
    Philippe Bertherat. Banker.

    Insert– ( Renaud
    de Planta. Banker.

    Update.
    March. 2014.

    Over
    the last three years we posted the following on hundreds of sites .

    ***
    Were currently waiting for the West Yorkshire Police ;-

    Chief
    Constable . Sir Norman Bettison

    Forces
    Solicitor. Mike Percival.

    Head
    of Economic Crime Unit. Det Chief Inspector. Steven Taylor.

    -to
    see if they continue to cover up this case like the FSA. – “
    watch this space.”

    ****
    We can now state that all the above have been removed from their
    posts. All three facing criminal allegations.

    ****
    These three senior police officials assisted in covering up the
    crimes carried out by Pictet & Cie Bank and it’s lawyers.

    Swiss Bank
    Accounts. 2014.

    Is your monies safe
    in these accounts —- definitely NOT.

    Would you get your
    money back if every body decided to withdraw all their accounts –
    NO WAY.

    Economic Experts
    say that there would only enough money to repay 50% of their clients.

    Are you going to be
    in the 50% — that loose your money.– Get it out NOW.

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank.Switzerland. in
    order to collect large fees. ( Like MADOFF) —Even after the SEC in
    the USA uncovered the fraud Pictet continued to charge fees and drain
    whatever was left in these accounts. Estimated that $90,000,000
    million lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in

    Panama
    and a tax loophole involving investments in London to gain

    German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    All
    the fines that crooked Swiss banks have incurred in the last few
    years exceeds £75.Billion.

    It
    is also calculated that the secrecy ” agreements” with
    regards to tax evation by their clients will cost the banks another
    £450 Billion.( paid out of your monies.)

    The
    banks are panicking — the are quickly restructuring their banks
    —- from partnerships —

    to
    ” LIMITED COMPANIES.” —– this will probably mean that
    in the future — they could

    pay
    you only 10% of your monies ” if you are one of the lucky ones”
    —- and it be legal.

  2. Sods —–
    Law.

    Dec.—-
    2014.

    For almost two
    decades we have strived to get justice for the injustice we have
    suffered at the hands of a world renowned bank— PICTET & CIE.
    BANK.

    Two yorkshiremen
    both running their own small family businesses trying to resolve the
    problem by taking all the correct legal procedures to recover their
    monies.

    The matter was
    raised in Parliament – twice– the FSA investigated the matter
    concluding that PICTET had rogues operating in their London Bank —
    but the rogues had left —saying no one left to prosecute.??? —–
    so there.

    We then
    approached the Financial Ombudsman Service. (FOS) — our case was
    dealt with by seven different people —- then our numerous E-Mails
    were ignored — nobody would speak to us ——-so there.

    We then asked the
    SFO ( Serious Fraud Office.) to investigate our case —- the
    criteria of our case ticked all their boxes. — we were instructed
    not to send them

    any
    documents/evidence.—— in fact they wrote to us advising us to go
    to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman
    the SFO boss —- who responded to our letter was the same man who
    would not investigate the “ Madoff” scandal or the “Libor”
    fiasco.

    The MP’s
    committee —- said he was sloppy— and the SFO was run like “
    Fred Karno’s Circus” —– it was an office of fraud.—– so
    there.

    Our M.P.
    approached our local Chief Constable to investigate—– he was
    called—- Sir Norman Bettison— Chief Constable of West Yorkshire
    Police —- a force that made “ Dad’s Army” look like the S.A.S.
    They were inept – corrupt —malicious — from top to bottom. We
    were criminally dealt with by the Forces Solicitor—- the Head of
    the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then
    advised to pass our complaint against West Yorkshire Police to the
    I.P.C.C. – which we did — they advised us to make our complaint
    to —- the West Yorkshire Police — we did with reluctance — all
    we got was abuse and obfuscation. —– so there.

    Sir Norman
    Bettison —- The Forces solicitor— and the Head of the Economic
    Crime —- have all been removed from their posts and facing criminal
    allegations.

    —— so there.

    We even sought
    justice through the Courts — culminating in a visit to the Court of
    Appeal-London.— On leaving the Courts of Appeal that day our
    barrister a “rising star” informed us — that if that was
    British Justice then you can keep it. He quit the law and moved to
    Canada —– so there.

    A few years later
    we learned that one of the judges ( Lord Justice.) in our case at the
    Court of Appeal was related to a senior executive of the Pictet Bank
    —–so there.

    The Ministry of
    Justice passed our case to Lord Myners to investigate — we would
    rather have had Mickey Mouse or Donald Duck do it. — to this day we
    don’t know

    —whether he did
    anything or not —- probably not — seeing that his wife was on the
    Pictet Prix Board.

    Pictet & Cie
    .Bank — voted private bank of the year 2013.

    Ivan Pictet —-
    Voted banker of the year 2012. —- the senior partner — lied on
    numerous occasions and had documents destroyed — also said genuine
    documents were forgeries. —– so there.

    Ivan Pictet in
    Oct. 2013 —- Given the Legion of Honour — but saying that —-
    honours were given to Hitler — Eichmann — Mussolini —Franco
    — he’s in fitting company. —-so there.

    MONTY
    RAPHAEL.Q.C. — Peters & Peters.London. They were the banks
    lawyers.

    Monty
    Raphael.Q.C. along with Ivan Pictet withheld crucial documents
    requested by the High Court —- the FSA —- and the police Fraud
    Squad. —-so there.

    Monty
    Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

    Monty
    Raphael.Q.C. became a Master of the Bench in Nov.2012.

    An expert in
    Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot
    about Banks — the consensus of opinion is that they are highly paid
    “crooks” —- no wonder they voted Ivan Pictet banker of the
    year.

    It appears that
    crimes in the “establishment.” are honoured by their peers.

    “HONOURS
    AMONG THIEVES.”

    Full Story.—-
    “google ”

    Insert.—– The
    Crimes of —– Pictet & Cie Bank.

    or
    insert

    Ivan Pictet/
    Monty Raphael Q.C.

    Update
    — Dec… 2014.

    Full
    Story— “Google ” —- The Crimes of —–Pictet &
    Cie. Bank.

    1996 —–
    F.S.A— Breach in London.

    2003 —– F.S.A.
    — States rogues operating in Pictet’s London office. Ivan Pictet

    states
    that documents were forgeries but were later proved to be genuine in

    the
    British Courts. He had documents destroyed in their London office —

    hoping
    to hide the crimes.

    2007
    .- – – The Securities and Exchange Surveillance issued a
    recommendation

    that
    the Prime Minister and The Commissioner of the FSA to take
    disciplinary action against Pictet Asset Management – Japan Ltd.

    2008
    .– Dec. – Pictet Bank state – ” We have never chosen
    any funds linked to Madoff.

    2011 – – – Madoff
    Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet &
    Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for
    $350Million

    2012 – – – April
    – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank in order to
    collect large fees. ( Like MADOFF)

    Even after the SEC
    in the USA uncovered the fraud Pictet continued to charge fees and
    drain whatever was left in these accounts. Estimated that $90 million
    lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in

    Panama
    and a tax loophole involving investments in London to gain

    German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    2013
    — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of
    ” criminal origins”

    held
    in Swiss banks – $18 million held in 5 accounts at Pictet &
    Cie. Bank. Bahamas.

    Ironically
    the Pictet & Cie.Bank partners are bigger criminals than the
    criminals who have accounts in the their bank.

    The
    bank is now seeking to re-structure — to cut the partners liability
    – hoping to off load their decades of criminal responsibilty –
    and move onwards to carry out new crimes. The Germans are

    right
    — the bankers should go to prison if found guilty of financial
    crimes.

    Swiss Bank
    Accounts. Dec . 2014.

    Is your monies safe
    in these accounts —- definitely NOT.

    Would you get your
    money back if every body decided to withdraw all their accounts –
    NO WAY.

    Economic Experts
    say that there would only enough money to repay 50% of their clients.

    Are you going to be
    in the 50% — that loose your money.– Get it out NOW.

    2012 — – June.
    — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were
    sent false and fraudulent documents by Pictet Bank.Switzerland. in
    order to collect large fees. ( Like MADOFF) —Even after the SEC in
    the USA uncovered the fraud Pictet continued to charge fees and drain
    whatever was left in these accounts. Estimated that $90,000,000
    million lost in this Pictet Ponzi scheme.

    2012 – – – July.
    — De – Spiegel. — states – Pictet Bank uses a letterbox
    company in

    Panama
    and a tax loophole involving investments in London to gain

    German
    millionaires as clients.

    2012
    – – – August —- German Opposition Leader accuses Swiss Banks of
    “organised crime.”

    All
    the fines that crooked Swiss banks have incurred in the last few
    years exceeds £75.Billion.

    It
    is also calculated that the secrecy ” agreements” with
    regards to tax evation by their clients will cost the banks another
    £450 Billion.( paid out of your monies.)

    The
    banks are panicking — the are quickly restructuring their banks
    —- from partnerships —

    to
    ” LIMITED COMPANIES.” —– this will probably mean that
    in the future — they could

    pay
    you only 10% of your monies ” if you are one of the lucky ones”
    —- and it be legal.

    Peters
    &Peters – Partners.— (1999—2014)— guilty.

    Pictet
    & Cie. — Partners. — (1999 — 2014)—guilty.

    The
    bank and it’s officials/lawyers deliberately withheld crucial
    documents requested under a High Court order. The bank and it’s
    officials/lawyers deliberately withheld evidence from the Police, and
    one of it’s account managers Susan
    Broadhead gave a false witness
    statement to the Police.

    Another one of it’s
    managers Nicholas Campiche
    ( Now Head of Pictet – Alternative Investments.) concocted a letter
    pretending to be a client and closed his account. The senior partner
    (Ivan Pictet.) sought
    to have numerous documents destroyed,along with those copies held in
    their London office’s of Pictet
    Asset Management. Initially
    stating that they were forgeries then their lawyers Peters
    & Peters – Monty Raphael Q.C.–and
    the barrister Charles Flint.Q.C.
    later had to admit in Court that
    the documents were genuine.

    British
    Parliament. Hansard .29th
    March 2007.

    Barry Sheerman
    .M.P.—quote.

    ———“
    Constituents of mine have lost
    £2 million through fraud. The fraudster used Pictet & Cie – – a
    French Bank – – and Pictet Asset Management to back the fraud being
    perpetrated.””

    Both Ivan Pictet
    and Monty Raphael.Q.C. conspired to withhold crucial documents
    requested by the High Court – the FSA — and the Police Fraud
    Squad.

    Written
    Parliamentary Questions received by the table office ..

    (1) To ask the
    secretary of state what steps he is taking to ensure that Swiss Banks
    such as Pictet & Cie do not evade criminal prosecution under EU
    law even when the illegal act is committed by a London based
    subsidiary.

    (2)To ask the
    secretary of state what steps he is taking to protect the rights of
    UK citizens who seek redress following criminal activities by Swiss
    banks with subsidiary offices located in London.

    *** We
    note that there has been a sharp increase in Peters & Peters
    partners leaving to go to other practices. Moving does not alleviate
    them of any responsibility from any illegalities that may have
    occurred at Peters & Peters during their partnership tenure. From
    1999 onwards.

    The consensus of
    opinion is the Pictet & Cie should be prosecuted , and that their
    U.K. banking licence should be taken away.

    Their Solicitors at
    Peters & Peters .London “ struck off and prosecuted..”

    *** Started
    campaign — June 6th.2008.

    5 .5years —-
    approx 10 .5 million e-mails – – – but still no writs, injunctions or
    threats of litigation – – – WHY – – – because it is all true.

    *** . The bigger
    they are — the harder they fall.!!!

    In
    America —- they would have all been in prison for the last seven
    years.

    Feb 2013,—
    Pictet & Cie Bank Partners remove their unlimited liability.

    They realise that
    all their personal wealth is at risk , the people they have conned
    might want their money back.

    Full Story.*** —”
    Google” —–insert.— Pictet & Cie. Bank.

    or

    Insert– ( Charles
    Pictet. Banker.

    Insert– ( Ivan
    Pictet.Banker.

    Insert– ( Jacques
    de Saussure.Banker.

    Insert– ( Nicolas
    Pictet. Banker.

    Insert– (
    Jean-Francois Demole.Banker.

    Insert — (
    Philippe Bertherat. Banker.

    Insert– ( Renaud
    de Planta. Banker.

    Insert. — ( Monty
    Raphael.Q.C.)

    Over
    the last eighteen months we posted the following on hundreds of sites
    . —

    ***
    Were currently waiting for the West Yorkshire Police ;-

    Chief
    Constable . Sir Norman Bettison

    Forces
    Solicitor. Mike Percival.

    Head
    of Economic Crime Unit. Det Chief Inspector. Steven Taylor.

    to
    see if they continue to cover up this case like the FSA. – “
    watch this space.”

    We
    can now state that all the above have been removed from their posts.
    All three facing criminal allegations.

    These
    three senior police officers helped and assisted the Pictet & Cie
    Bank in keeping crucial criminal evidence from the High Court and
    Court of Appeal.

Leave a Reply

Your email address will not be published. Required fields are marked *