118:), 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.
31:
64:
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.
153:, 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
174:
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.
173:
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.
71:
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
63:
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
67:
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.
169:
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.
160:
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
121:
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.
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41:, short for Internationale Industrie & Handelsbeteilungungen, was a Swiss conglomerate, known for its long-running disputes with the U.S. government over German ownership during
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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
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99:, to hold the company's foreign investments. The company owned a group of financial and industrial businesses in Europe and the United States, including
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134:. These assets, seized between 1942 and 1946, included bank accounts in six New York banks, and over 90% of the
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Interhandel shares was realised, allowing UBS to gradually take control and absorb the cash in a 1967 merger.
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Re, Edward (1953). "United States: Dismissal of Suit for
Failure to Produce Records: The "I.G. Chemie" Case".
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45:. Interhandel, which had both financial as well as industrial holdings was the corporate successor of
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All of IG Chemie's
American assets were seized by the United States government under the
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Interhandel's predecessor, I.G. Chemie, was established in 1928 by the German company
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By 1940, I.G. Chemie had severed its direct ownership from its parent company
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Switzerland, National Socialism and the Second World War
291:: "Suspension of provision relating to ally of enemy".
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Financial services companies disestablished in 1967
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138:of General Aniline & Film Corporation (today
754:Financial services companies established in 1928
266:. Funding Universe. Retrieved August 11, 2010
287:The assets were seized under Section 5 of the
242:. Funding Universe, Retrieved August 10, 2010
145:I.G. Chemie was accused of participating in a
49:, which the U.S. government had claimed was a
27:Swiss industrial and financial company (–1967)
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142:, then part of the holdings of American IG).
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759:Conglomerate companies established in 1928
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276:Handbook on the History of European Banks
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764:Holding companies disestablished in 1967
303:The American Journal of Comparative Law
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794:1967 disestablishments in Switzerland
784:Holding companies established in 1928
774:Conglomerate companies of Switzerland
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769:Defunct financial services companies
157:) was also accused of involvement.
779:1928 establishments in Switzerland
289:Trading with the Enemy Act of 1917
132:Trading with the Enemy Act of 1917
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278:. Edward Elgar Publishing, 1994
163:Federal Rules of Civil Procedure
75:The company was acquired by the
485:Blyth, Eastman Dillon & Co.
427:Basler & Zürcher Bankverein
34:I.G. Farben / I.G. Chemie logo
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723:Wellington Management Company
490:Kidder, Peabody & Company
155:Baumann & Cie, Banquiers
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112:General Aniline & Film
713:MFS Investment Management
457:O'Connor & Associates
381:Union Bank of Switzerland
194:Union Bank of Switzerland
189:GAF Materials Corporation
140:GAF Materials Corporation
116:GAF Materials Corporation
77:Union Bank of Switzerland
215:. TIME, April 21, 1947
447:Dillon, Read & Co.
419:Swiss Bank Corporation
254:. Berghahn Books, 2002
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60:during World War II.
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706:Largest shareholders
480:Jackson & Curtis
577:Alex Wilmot-Sitwell
442:SG Warburg & Co
437:Warburg Dillon Read
404:Phillips & Drew
264:GAF Company History
592:William G. Parrett
552:Markus U. Diethelm
516:McDonald & Co.
475:Paine & Webber
432:Basler Handelsbank
389:Bank in Winterthur
230:. Company website
126:The IG Chemie case
97:Basel, Switzerland
51:front organization
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495:Mitchell Hutchins
394:Toggenburger Bank
16:(Redirected from
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652:Jerker Johansson
500:Union Securities
452:Brinson Partners
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617:Gary P. Brinson
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637:Oswald Grübel
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610:and directors
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540:Colm Kelleher
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697:Jürg Zeltner
667:Marcel Ospel
642:Ralph Hamers
632:Blair Effron
587:Chi-Won Yoon
467:Paine Webber
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373:predecessors
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43:World War II
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728:Wealthfront
718:Norges Bank
692:Robert Wolf
657:Peter Kurer
622:John Costas
572:Tom Naratil
399:Interhandel
228:UBS History
213:Thorny Plum
184:American IG
151:I.G. Farben
108:I.G. Farben
101:American IG
91:as a Swiss
89:I.G. Farben
58:I.G. Farben
47:I.G. Chemie
39:Interhandel
743:Categories
662:Ken Moelis
627:John Cryan
608:executives
597:Phil Gramm
542:(Chairman)
531:executives
371:Historical
200:References
147:conspiracy
167:discovery
79:in 1967.
55:Germany's
18:IG Chemie
178:See also
165:for the
529:Current
114:(later
83:History
606:Former
364:UBS AG
323:838103
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240:UBS AG
548:(CEO)
319:JSTOR
149:with
53:for
749:UBS
409:SMH
311:doi
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220:^
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356:e
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342:v
325:.
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307:2
20:)
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