Thursday, January 12, 2012

Will Indian MP's holding Black Money in Swiss Banks Resign?

Swiss central bank head resigns after scandal
The embattled head of the Swiss central bank, Philipp Hildebrand, stepped down on Monday after being caught up in a scandal over foreign exchange trades by his wife.
"Aware of the critical situation our country is currently facing, and given my responsibility as chairman... I decided to resign with immediate effect," Hildebrand said at a press conference in Bern.
Hildebrand published emails on the SNB website to show he had no knowledge of the transaction until after the fact, but in resigning he said he was unable to "to provide irrefutable evidence" to totally prove his innocence.
Press reports claimed last week that Hildebrand's wife Kashya profited after buying USD 504,000 last August, just weeks before an intervention by the SNB to halt the rise of the franc -- a move that saw the dollar rise significantly against the Swiss currency.
"I failed my husband by not considering the perception of a 'conflict of interest' created by my purchase of dollars," Ms Hildebrand said in a statement issued on Monday.
The scandal took a political turn with revelations that the government last month received banking documents concerning Hildebrand's personal trades from Christoph Blocher, chief of the conservative Swiss People's Party (UDC), the largest in the Federal Assembly.
Swiss central bank head resigns after scandal

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