- Investigative Journalism -

September 10, 2010 (FinancialWire) (Investrend Forums Syndicate) (Investrend Information Syndicate) (By Lucy Komisar) (Via “The Komisar Scoop”) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — My article (at http://thekomisarscoop.com/2010/01/how-multinational-aided-by-ernst-young-tried-to-launder-profits-cheat-on-taxes-through-offshore-bermuda-shell-5/) about an attempt by the Hong Kong-based global conglomerate, the Noble Group (OTC: NOBGF), to cheat Switzerland of taxes has prompted an investigation by Zurich law enforcement authorities.

The story, published by The Komisar Scoop in January, documented how Noble set up a Bermuda shell and pretended it was managing investment products for the company’s Zurich hedge fund consultancy. In fact, the work was done in Zurich and the fees paid to NIBU (Noble Investments, Bermuda) made a round-trip back to Switzerland.

The piece documented the scam with confidential memos by Noble executive, legal and accounting advisors, including the global accountants, Ernst & Young. The article includes links to the key documents.

Last month, an investigator for the Zurich police Economic Crimes (Wirtschaftsdelikte, at http://www.polizeibericht.ch/ger_cat_289/Wirtschaftsdelikte.html) Unit questioned a key source for the story, Rudolf Elmer, who had worked for Noble.

Elmer told me by phone: “I think your article was the driver for the investigation. He [the investigator] showed me a printout of your article in English and translated to German. He asked me if I agree with this article, if it’s the truth. I said the story is true. He asked if I’m willing to provide what I provided you and to talk with the prosecutor. I said that’s fine.”

He said the police investigator told him at their August 10th interview that the Zurich prosecutor would hold a meeting with him and with representatives of Noble and the Zurich tax authority. The time for the meeting had not then been set.

Asked about the investigation, Zurich police spokesperson Werner Benz said, “We do not give out information of the kind you requested for reasons of official secrecy and personal protection.”

Elmer said that the matter is significant, because it deals not only with Noble, but with one of Zurich’s most prominent law firms and with the tax authorities who signed the ruling accepting Noble’s claims.

I proposed this story last year to major Swiss newspapers and newsmagazines and also offered it to Swiss TV. None were interested in it.

Source: “The Komisar Scoop” (http://thekomisarscoop.com/2010/09/scoop-article-prompts-swiss-investigation/).

(Go to http://www.financialwire.net/?s=kmsrsmkby for more FinancialWire(tm) articles by Lucy Komisar.)

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