Currency-trade leakers in Hildebrand scandal are partly cleared by Swiss court – 24th August 2017

A Swiss court ruled on Wednesday that two people were only partially guilty of violating bank secrecy laws in 2011 by leaking information about currency trades by the then-wife of the national bank chairman. The Zurich court ruled that Hermann Lei, a Swiss People’s Party (SVP) politician, and an ex-Bank Sarasin IT worker identified only as R.T., broke secrecy laws by informing a leading SVP figure about currency trades made by National Bank Chairman Philipp Hildebrand’s then-wife, several weeks before the SNB took steps to cap the rise of the safe-haven currency. But the court cleared the pair of other counts of the same crime for later exposing the currency trades to the media, which the judge deemed legitimate whistle-blowing. Hildebrand’s spouse bought 400,000 Swiss francs (now $413,000) worth of dollars and sold them at a higher rate after the cap was imposed.

 

Brenna Hughes Neghaiwi, Reuters