The equity securities deposited by the Banca Privada de Andorra (BPA) in the Credit Suisse entity, which were blocked due to the intervention of the entity in 2015, may be repatriated to the Principality shortly.
This is the conclusion reached by the Helvetic Federal Court, the last Swiss judicial instance, which, by means of a resolution dated May 28, rejected the appeals filed by several BPA clients that prevented the release of the funds, confirming that the request made by the AREB to the Swiss banking regulator, FINMA, to order the transfer to the Principality of the securities deposited in the name of BPA was not judicially attackable. The Order confirms that the appellants can not attack article 37G of the Swiss Federal Banking Law, which only applies to creditors domiciled in Switzerland or who benefit from an obligation in Switzerland.
This decision confirms the decision of the Federal Administrative Court of Switzerland, issued by the Order of December 21, 2017. Although the decision has taken more than fifteen months to arrive, as indicated by the AREB in its statement, this decision is final and puts an end to the legal proceedings instituted by BPA customers in Switzerland. The process for the recovery of assets will be initiated by AREB shortly, but deadlines are still unknown.