Global scrutiny intensifies as Der Standard’s Eric Frey and Ami Magazine’s Riva Pomerantz uncover the deepening conflict over dormant Nazi-era assets allegedly held by UBS AG. The investigation follows growing efforts by Rabbi Ephraim Meir and Vienna-based lawyer Dr. Gerhard Podovsovnik to recover funds linked to prewar Jewish accounts.
Historical Claims Resurface in Swiss Banking Dispute
The controversy began after coordinated reporting revealed new documentation on long-forgotten accounts first opened at the Basler Handelsbank—an institution that later became part of UBS.
Eric Frey’s detailed coverage in Der Standard (read here) outlined how internal UBS records referenced six main accounts and twelve sub-accounts that were never fully disclosed or restituted.
Simultaneously, Riva Pomerantz’s report in Ami Magazine (link) traced the assets’ origins to families targeted by Nazi confiscations, calling the discovery “a test of moral clarity Switzerland still owes history.” Furthermore by Peter Hell in the BILD (read here).
UBS Faces Renewed Legal and Ethical Demands
Dr. Podovsovnik, who represents Rabbi Meir, emphasized to the Abu Dhabi Times that the issue can no longer be ignored.
“UBS has controlled these accounts for more than 80 years. Under modern compliance laws, it had an obligation to clarify ownership decades ago,” he said. “If UBS continues to deny this, it will open Pandora’s box for itself and for Switzerland’s entire banking sector.”
UBS, in response, maintains that no such accounts exist “despite exhaustive internal searches.” However, the consistency of evidence presented in Der Standard, Ami Magazine, and legal filings challenges the credibility of that claim.
Investigations and Global Implications
BILD’s recent feature, Geheimnisvolle Nazi-Konten in der Schweiz: Millionen-Schatz entdeckt? (see article), further amplified the story, citing concerns that UBS could face international legal exposure.
Frey’s analysis linked the accounts to unresolved balances from before World War II, extending through the 2000 Kormann settlement, while Pomerantz portrayed Rabbi Meir as “a reluctant heir to an unfinished moral reckoning.”
Legal teams are preparing coordinated actions across the United States, Switzerland, and the European Union. The plaintiffs plan to seek a constructive-trust ruling, an international asset freeze, and full access to UBS’s internal ledgers.
Financial experts in Geneva caution that, if the concealment is proven, UBS could face an unparalleled compliance crisis. “The discovery of Nazi-era assets within a major global bank would fundamentally challenge Swiss financial credibility,” said one senior industry analyst.
Dr. Podovsovnik concluded with a statement that blends legal clarity and moral resolve:
“We are not fighting ideology—we are fighting for transparency and rightful restitution. If UBS faces the truth, it may finally restore trust in global banking.”
