Washington, Feb 4 (NationPress) US senators have charged UBS with hindering a congressional investigation into Credit Suisse's accounts linked to the Nazi regime. Investigators have indicated that contested bank records could ascertain "whether a Nazi held an account or did not hold an account."

Chuck Grassley, the Chairman of the Senate Judiciary Committee, stated on Tuesday (local time) that lawmakers are probing "new facts and evidence regarding Nazi collaboration with Swiss banks," characterizing the inquiry as a bipartisan initiative aimed at uncovering the historical truth that has been "lost to history."

The investigation commenced after the Simon Wiesenthal Centre alerted Credit Suisse in 2020 about information pertaining to the bank’s connections to the Nazi era. Grassley mentioned that Credit Suisse had initially consented to investigate and enlisted former Troubled Asset Relief Program inspector general Neil Barofsky to oversee the process.

“However,” Grassley remarked, “after damaging information was uncovered, the bank halted its review, restricted access to records, and terminated Barofsky,” labeling the bank's claims of performance issues as “entirely false.”

He noted that the Senate Budget Committee later issued its first subpoena since 1991 to secure Barofsky’s draft report and a forensic auditor's report, which revealed that Credit Suisse “failed to review and investigate all pertinent records regarding its Nazi past and imposed excessive restrictions on its review.” Nonetheless, the probe identified nearly 100 accounts linked to Nazis, some of which remained active until the 1990s and one as recently as 2020.

After UBS took over Credit Suisse, Grassley pointed out that Barofsky was rehired and provided resources to continue the investigation. He acknowledged UBS’s initial cooperation but alleged that the bank began to withhold records once it learned that the Senate might conduct a public hearing.

Grassley also criticized UBS for initiating legal proceedings in New York that he claimed could restrict the Wiesenthal Centre’s ability to discuss Holocaust-related matters and limit Barofsky's testimony. “UBS’s actions are absurd and represent a historic shame that will resonate beyond today’s hearing,” he asserted.

Ranking Member Dick Durbin emphasized that as the living memory of the Holocaust fades, it is crucial that events “are not forgotten, revised, or rewritten.” He underscored that over six million Jews lost their lives during the Holocaust, and lawmakers still bear the duty to confront the past.

Senator Sheldon Whitehouse remarked that the bipartisan investigation has unveiled “previously unseen information” about Credit Suisse’s role in serving Nazi clients and accounts integral to the Nazi war effort.

He pointed to findings that included undisclosed accounts held by high-ranking Nazi officials and entities involved in escape networks known as “Ratlines.”

Rabbi Abraham Cooper from the Simon Wiesenthal Centre testified that Congress has “an unprecedented opportunity to scrutinize the banking machinery that enabled genocide.” He cautioned that “silencing researchers, intimidating human rights organizations, or restricting historical truth undermines integrity and diminishes confidence.”

Rob Karofsky, President of UBS Americas, and Barbara Levi, UBS Group General Counsel, stated that the bank has engaged in “unprecedented voluntary work” to uncover historical facts, providing 16.5 million documents and millions of pages of data, along with access to archives across various countries. Levi noted that a few documents remain disputed due to their connection to the 1999 Holocaust litigation settlement and associated privilege concerns.

Barofsky informed lawmakers that without access to these documents, he cannot fulfill his mandate. “I am unaware of what those documents contain,” he stated, adding that even a limited number could be key in determining whether specific Nazi-linked individuals held accounts.

In his testimony, Barofsky detailed newly discovered connections between Credit Suisse and Nazi institutions, including accounts associated with the German Foreign Office and SS-related financial networks. He also presented evidence showing Credit Suisse’s role as banker and landlord to an Argentine smuggling operation that aided Nazis in fleeing Europe after the war.

Barofsky anticipates submitting his final report by the year’s end, which will encompass additional findings. He cautioned that ongoing disputes could jeopardize the investigation if unresolved.

Lawmakers consistently urged UBS to grant full access to records and allow the investigation to proceed without interference. “The Senate will be monitoring this,” Grassley stated, “and the truth will ultimately emerge.”

The hearing also revisited the 1999 settlement, in which Swiss banks agreed to pay $1.25 billion to Holocaust survivors and their heirs. Witnesses indicated that while the settlement resolved legal claims, it did not preclude continued historical inquiry.

Senators asserted that the objective of the current investigation is to establish a comprehensive and transparent historical record of Nazi-linked banking activities, contending that accountability and truth remain imperative decades after the Holocaust.