By the Abu Dhabi Times – International Edition
When journalist Riva Pomerantz published her investigation into UBS’s alleged concealment of Nazi-era accounts, few expected the story to ripple so strongly across the Arab world.
But within days, the article ignited conversations from Dubai to Riyadh — among sovereign investors, family offices, and private wealth clients who collectively hold billions under UBS management.
Now, as legal proceedings gather momentum, the Abu Dhabi Times sat down with Dr. Gerhard Podovsovnik, Vice President of the AEA Justinian Lawyers Network, to ask what this means for modern UBS, its global clients, and the integrity of the financial system itself.
“History doesn’t disappear just because balance sheets do.”
Abu Dhabi Times:
Dr. Podovsovnik, many Gulf investors have expressed concern after reading that UBS may have concealed wartime accounts. Are those fears justified?
Dr. Podovsovnik:
Their unease is understandable. When a bank with the stature of UBS faces allegations of hiding or suppressing accounts dating back to the Nazi era, it challenges the very foundation of trust. The core question is simple: If wealth could vanish once, could it vanish again?
That said, today’s UBS leadership is not the same as that of 1945. Several generations of bankers have come and gone. But the moral and institutional responsibility remains. Transparency is not optional — it is the only way forward.
“This is not a witch hunt — it’s a reckoning.”
Abu Dhabi Times:
You’ve said publicly that the UBS of today is not personally guilty, but still accountable. What do you mean by that?
Dr. Podovsovnik:
The current executives didn’t create the structures that allowed secret, password-protected accounts to exist. Those originated with the Basler Handelsbank and the Swiss Banking Corporation, both predecessors of UBS.
But the institution inherited their legacy — the profits, the reputation, and also the liabilities.
Our forensic investigations have uncovered transcripts, testimony, and original ledgers confirming that certain accounts remained off the books well into the post-war decades. The question is no longer whether these accounts existed, but why UBS has failed to acknowledge them fully.
“Fraud on the Court is the red line.”
Abu Dhabi Times:
Your filings mention “Fraud on the Court,” a strong term in American law. Could you explain its meaning?
Dr. Podovsovnik:
It’s the most serious form of judicial deception. Fraud on the Court occurs when a defendant deliberately misleads a court — by hiding evidence, falsifying records, or obstructing discovery.
Under U.S. federal procedure, a Fraud on the Court claim compels the defendant to disclose all relevant documents under an Order to Show Cause and a Discovery Order.
If UBS fails to prove transparency, courts may reopen settlements, invalidate prior agreements, and issue global Asset Freeze Orders. It’s not theoretical. It’s procedural reality — and UBS knows it.
“Either UBS opens its books — or history will open them for them.”
Abu Dhabi Times:
How far are you prepared to take this case?
Dr. Podovsovnik:
All the way. Our filings are ready in the United States, Switzerland, and the European Union. The goal is coordinated legal action — civil and criminal — across multiple jurisdictions.
We are not here to destabilize UBS. We are here to restore truth and integrity.
The choice lies with UBS itself: cooperate, disclose, and reconcile with history — or continue to conceal and face a reckoning that could reshape the institution forever.
“The Arab world deserves clarity, not silence.”
Abu Dhabi Times:
What would you tell major investors in the Gulf who are now following this story closely?
Dr. Podovsovnik:
First, don’t panic. Your present-day assets are not in danger. But you have every right to demand absolute transparency from any financial institution that holds your wealth.
Ask the hard questions. Request forensic audits. Insist on accountability.
UBS can still prove that it is a global leader in integrity rather than secrecy. But it must act now — openly, honestly, and without delay. The era of hidden ledgers is over.
If UBS does not open its books voluntarily, history — and the courts — will do it for them.
