20:
107:), an Interhandel subsidiary, and it was not until 1963 that the long-running dispute between Interhandel and the U.S. government was resolved. The shares in GAF Corporation were sold in a highly competitive auction in 1965 and the proceeds were split between Interhandel and the U.S. government. As a result of the sale of GAF, at the time of its merger with UBS, Interhandel held substantial amounts of cash.
53:
the remainder consisting of various small chemical companies, Bank
Hoffman of Switzerland, a small bank in Panama and various property investments - most of which had been acquired after the end of World War II, under the control of Managing Director Walter Germann, a relative of M. Greutert, a banker and the I.G Farben representative on the I.G. Chemie board of directors.
142:, which had by then been designated a German enemy corporation "...to conceal, camouflage and cloak the ownership, control and domination by I.G. Farben of properties and interests in many countries of the world, including the United States, other than Germany". The Swiss banking partnership Ed. Greutert & Cie (later Sturzeneggar & Cie, today
163:
Even though it was accepted that the plaintiff had made good faith efforts to produce the
Sturzenegger documents, the plaintiff's suit to recover their seized properties was dismissed with prejudice because they had been unable to meet the compliance standard of the US Courts required for legal procedures.
162:
The government fulfilled the order but the plaintiff filed another motion after the Swiss government prohibited H. Sturzenegger & Cie from transmitting the records. They said transmission of these records would violate Swiss penal law. Because they could not produce the documents as ordered, t.
60:
In the years prior to this, UBS acquired approximately 50% of
Interhandel shares on the open market. Upon the announcement that Interhandel would receive $ 122,000,000 USD in compensation for the seized shares of the former I.G. Farben U.S. subsidiaries (GAF), a tremendous uplift in the value of the
52:
Interhandel was publicly traded in
Switzerland from its formation as IG Chemie with a complex structure of ordinary and preference shares, which concentrated voting rights with an array of Swiss investment banks. Approximately 80% of its capital was tied up in the long-running GAF investment, with
56:
In 1958, prior to the successful resolution of the GAF/Interhandel case in the United States, a number of shareholders who had previous links to I.G. Farben (including
Industrie Bank and M. Sturzenegger) were bought out, and UBS Bank’s chairman Dr. Alfred Schafer became chairman of Interhandel.
158:
of documents from the government. A similar motion was filed by the government, "including documents of subsidiaries of the plaintiff, Osmon A.G., and
Sturzenegger & Cie.". Overruling objections by IG Chemie, the court ordered full production of the documents.
149:
IG Chemie, seeking to recovery its properties, filed a lawsuit on
October 21, 1948. IG Chemie claimed that it was neither an enemy or ally of an enemy of the United States. As plaintiffs, the holding company filed a motion under Rule 34 of the
110:
The addition of the
Interhandel's capital resources, which propelled UBS into the top spot among Swiss banks in 1968, also made UBS one of the strongest banks in Europe and helped fuel the bank’s further expansion in the late 1960s and 1970s.
30:, short for Internationale Industrie & Handelsbeteilungungen, was a Swiss conglomerate, known for its long-running disputes with the U.S. government over German ownership during
777:
570:
742:
99:
in order to avoid the seizure of its U.S. assets. Shortly after the start of the U.S. involvement in the War, on April 24, 1942, the U.S. government seized
88:, to hold the company's foreign investments. The company owned a group of financial and industrial businesses in Europe and the United States, including
747:
752:
782:
772:
762:
757:
201:
767:
397:
252:
120:
415:
343:
151:
123:. These assets, seized between 1942 and 1946, included bank accounts in six New York banks, and over 90% of the
473:
228:
61:
Interhandel shares was realised, allowing UBS to gradually take control and absorb the cash in a 1967 merger.
290:
Re, Edward (1953). "United States: Dismissal of Suit for
Failure to Produce Records: The "I.G. Chemie" Case".
711:
545:
478:
445:
143:
34:. Interhandel, which had both financial as well as industrial holdings was the corporate successor of
701:
610:
369:
182:
177:
128:
104:
65:
216:
680:
660:
407:
240:
435:
336:
8:
565:
468:
425:
119:
All of IG Chemie's
American assets were seized by the United States government under the
580:
540:
430:
420:
392:
377:
307:
85:
39:
76:
Interhandel's predecessor, I.G. Chemie, was established in 1928 by the German company
504:
483:
463:
382:
640:
488:
440:
299:
625:
555:
670:
665:
635:
605:
329:
264:
155:
81:
685:
550:
534:
95:
By 1940, I.G. Chemie had severed its direct ownership from its parent company
731:
675:
528:
124:
19:
737:
655:
630:
620:
575:
455:
43:
31:
716:
706:
645:
560:
172:
139:
100:
96:
89:
77:
46:
650:
615:
585:
135:
311:
303:
352:
321:
241:
Switzerland, National Socialism and the Second World War
280:: "Suspension of provision relating to ally of enemy".
778:
Financial services companies disestablished in 1967
127:of General Aniline & Film Corporation (today
743:Financial services companies established in 1928
729:
255:. Funding Universe. Retrieved August 11, 2010
276:The assets were seized under Section 5 of the
231:. Funding Universe, Retrieved August 10, 2010
134:I.G. Chemie was accused of participating in a
38:, which the U.S. government had claimed was a
16:Swiss industrial and financial company (–1967)
337:
131:, then part of the holdings of American IG).
222:
748:Conglomerate companies established in 1928
344:
330:
258:
265:Handbook on the History of European Banks
212:
210:
753:Holding companies disestablished in 1967
18:
292:The American Journal of Comparative Law
730:
207:
783:1967 disestablishments in Switzerland
773:Holding companies established in 1928
763:Conglomerate companies of Switzerland
325:
114:
758:Defunct financial services companies
146:) was also accused of involvement.
13:
768:1928 establishments in Switzerland
289:
278:Trading with the Enemy Act of 1917
121:Trading with the Enemy Act of 1917
14:
794:
267:. Edward Elgar Publishing, 1994
152:Federal Rules of Civil Procedure
64:The company was acquired by the
474:Blyth, Eastman Dillon & Co.
416:Basler & Zürcher Bankverein
283:
270:
246:
234:
195:
23:I.G. Farben / I.G. Chemie logo
1:
712:Wellington Management Company
479:Kidder, Peabody & Company
188:
144:Baumann & Cie, Banquiers
7:
166:
10:
799:
351:
101:General Aniline & Film
71:
702:MFS Investment Management
694:
594:
517:
497:
454:
446:O'Connor & Associates
406:
370:Union Bank of Switzerland
368:
359:
183:Union Bank of Switzerland
178:GAF Materials Corporation
129:GAF Materials Corporation
105:GAF Materials Corporation
66:Union Bank of Switzerland
204:. TIME, April 21, 1947
436:Dillon, Read & Co.
408:Swiss Bank Corporation
243:. Berghahn Books, 2002
24:
49:during World War II.
22:
695:Largest shareholders
469:Jackson & Curtis
566:Alex Wilmot-Sitwell
431:SG Warburg & Co
426:Warburg Dillon Read
393:Phillips & Drew
253:GAF Company History
581:William G. Parrett
541:Markus U. Diethelm
505:McDonald & Co.
464:Paine & Webber
421:Basler Handelsbank
378:Bank in Winterthur
219:. Company website
115:The IG Chemie case
86:Basel, Switzerland
40:front organization
25:
725:
724:
513:
512:
484:Mitchell Hutchins
383:Toggenburger Bank
790:
641:Jerker Johansson
489:Union Securities
441:Brinson Partners
366:
365:
346:
339:
332:
323:
322:
316:
315:
287:
281:
274:
268:
262:
256:
250:
244:
238:
232:
226:
220:
214:
205:
199:
798:
797:
793:
792:
791:
789:
788:
787:
728:
727:
726:
721:
690:
671:Kaspar Villiger
666:Olivier Sarkozy
636:Marten Hoekstra
606:Gary P. Brinson
598:
596:
590:
521:
519:
509:
498:Other companies
493:
450:
402:
361:
355:
350:
320:
319:
288:
284:
275:
271:
263:
259:
251:
247:
239:
235:
227:
223:
215:
208:
200:
196:
191:
169:
117:
82:holding company
74:
17:
12:
11:
5:
796:
786:
785:
780:
775:
770:
765:
760:
755:
750:
745:
740:
723:
722:
720:
719:
714:
709:
704:
698:
696:
692:
691:
689:
688:
683:
678:
673:
668:
663:
658:
653:
648:
643:
638:
633:
628:
623:
618:
613:
608:
602:
600:
592:
591:
589:
588:
583:
578:
573:
568:
563:
558:
553:
551:Naureen Hassan
548:
546:John A. Fraser
543:
538:
535:Sergio Ermotti
532:
525:
523:
515:
514:
511:
510:
508:
507:
501:
499:
495:
494:
492:
491:
486:
481:
476:
471:
466:
460:
458:
452:
451:
449:
448:
443:
438:
433:
428:
423:
418:
412:
410:
404:
403:
401:
400:
395:
390:
385:
380:
374:
372:
363:
357:
356:
349:
348:
341:
334:
326:
318:
317:
304:10.2307/838103
298:(4): 536–541.
282:
269:
257:
245:
233:
221:
206:
193:
192:
190:
187:
186:
185:
180:
175:
168:
165:
116:
113:
73:
70:
15:
9:
6:
4:
3:
2:
795:
784:
781:
779:
776:
774:
771:
769:
766:
764:
761:
759:
756:
754:
751:
749:
746:
744:
741:
739:
736:
735:
733:
718:
715:
713:
710:
708:
705:
703:
700:
699:
697:
693:
687:
684:
682:
679:
677:
676:Axel A. Weber
674:
672:
669:
667:
664:
662:
661:Marcel Rohner
659:
657:
654:
652:
649:
647:
644:
642:
639:
637:
634:
632:
629:
627:
626:Oswald Grübel
624:
622:
619:
617:
614:
612:
609:
607:
604:
603:
601:
599:and directors
593:
587:
584:
582:
579:
577:
574:
572:
571:Robert McCann
569:
567:
564:
562:
559:
557:
556:Ulrich Körner
554:
552:
549:
547:
544:
542:
539:
536:
533:
530:
529:Colm Kelleher
527:
526:
524:
522:and directors
516:
506:
503:
502:
500:
496:
490:
487:
485:
482:
480:
477:
475:
472:
470:
467:
465:
462:
461:
459:
457:
453:
447:
444:
442:
439:
437:
434:
432:
429:
427:
424:
422:
419:
417:
414:
413:
411:
409:
405:
399:
396:
394:
391:
389:
386:
384:
381:
379:
376:
375:
373:
371:
367:
364:
358:
354:
347:
342:
340:
335:
333:
328:
327:
324:
313:
309:
305:
301:
297:
293:
286:
279:
273:
266:
261:
254:
249:
242:
237:
230:
225:
218:
213:
211:
203:
198:
194:
184:
181:
179:
176:
174:
171:
170:
164:
160:
157:
153:
147:
145:
141:
137:
132:
130:
126:
125:capital stock
122:
112:
108:
106:
102:
98:
93:
91:
87:
84:, located in
83:
79:
69:
67:
62:
58:
54:
50:
48:
45:
41:
37:
33:
29:
21:
686:Jürg Zeltner
656:Marcel Ospel
631:Ralph Hamers
621:Blair Effron
576:Chi-Won Yoon
456:Paine Webber
387:
362:predecessors
295:
291:
285:
277:
272:
260:
248:
236:
224:
197:
161:
148:
133:
118:
109:
94:
75:
63:
59:
55:
51:
35:
32:World War II
27:
26:
717:Wealthfront
707:Norges Bank
681:Robert Wolf
646:Peter Kurer
611:John Costas
561:Tom Naratil
388:Interhandel
217:UBS History
202:Thorny Plum
173:American IG
140:I.G. Farben
97:I.G. Farben
90:American IG
80:as a Swiss
78:I.G. Farben
47:I.G. Farben
36:I.G. Chemie
28:Interhandel
732:Categories
651:Ken Moelis
616:John Cryan
597:executives
586:Phil Gramm
531:(Chairman)
520:executives
360:Historical
189:References
136:conspiracy
156:discovery
68:in 1967.
44:Germany's
167:See also
154:for the
518:Current
103:(later
72:History
595:Former
353:UBS AG
312:838103
310:
229:UBS AG
537:(CEO)
308:JSTOR
138:with
42:for
738:UBS
398:SMH
300:doi
734::
306:.
294:.
209:^
92:.
345:e
338:t
331:v
314:.
302::
296:2
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
