UBS accounts closed; funds back in India, says ADAG
Press Trust Of India / New Delhi Nov 13, 2009, 00:17 IST
The Anil Ambani group, whose accounts with Swiss banking giant UBS were among those misused by the bank’s staff, today said these accounts in London had been closed and funds repatriated to India.
The British financial market watchdog, the Financial Services Authority, has imposed a fine of eight million pounds (nearly Rs 50 crore) on UBS after four senior employees of the bank were found speculating in foreign exchange and commodities with money taken illegally from 39 client accounts, including that of two Anil Ambani group firms, during 2006-2007.
Group spokesperson said its rivals were distorting the facts. “We maintained the bank accounts with UBS, London, in full compliance with all applicable laws, rules and regulations. The proceeds were repatriated to India nearly three years back and the accounts stand closed,” the statement said.
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