UBS Admits Predecessor Profiting from Nazi Slave Labor During World War Two, XINHUA From: Xinhua (China) | Date: August 8, 2000 | . Provided by ProQuest LLC.Copyright information

Xinhua (China)
08-08-2000
For the first time, Switzerland's biggest bank UBS has admitted that its
predecessor benefited from Nazi slave labor during World War Two.

UBS spokesman Michael Willi was quoted by Swiss Radio International as
confirming that the Swiss Bank Corporation, one of two banks that merged
in 1998 to create UBS, had held a majority stake in a holding firm which
itself had a majority share in the Golleschauer cement factory in Poland.

He said the factory was forcibly taken into Nazi administration when
Nazi Germany invaded Poland in 1939 and that documents in Berlin proved
that ...