Chapter 550: Chapter 278: Aren’t You Afraid of Spoilers?_2
Yamarin’s brows furrowed slightly, but he didn’t dare to treat the matter lightly and imdiately picked up the docunts to review.
A few minutes later, as line after line of information entered his field of vision, beads of sweat also continuously broke out on his forehead.
David was right, these were indeed the details of one of their clients.
And this client had purchased the CUUO product.
The pattern of this product involved selling and repurchasing on the sa day dividends are distributed from stocks, because the trading ti is very short, tax authorities are unable to determine who exactly owns the stock ownership.
But on the current docunt, not only the owner of the stock ownership had been identified, but even which country’s and which company’s services the owner had utilized for the operation were detailed.
It can be said that once this docunt is made public, it would definitely serve as incriminating evidence against UBS Group for suspected tax evasion!
Humphrey, seeing Yamarin’s expression turn so unsightly, also realized that the situation was grim, and imdiately reached out to review the docunts himself.
However, very quickly, after browsing through once, Humphrey’s expression turned as ugly as Yamarin’s had been.
The CUUO product had undergone multiple tests before its release; forget about manpower, even the most powerful computer and the strongest regulatory system couldn’t possibly trace the stock ownership, the owning institutions, and the owners after each dividend distribution.
So why could the ownership, institutions, and individuals be identified so clearly in the docunt that David had provided?
Humphrey racked his brains but couldn’t figure it out. Then he turned to look at David and asked, “Director David, where did you get this docunt from?”
“Do I need to tell you that?”
David leaned back, his arms crossed over his chest, looking very confident.
“This…”
Humphrey was choked by these words.
But he also suddenly realized that his question was a bit foolish.
Yes, why should David tell him?
And what right has he to be told?
“Director David, what I want to know is, regarding such client information, how many copies do you have in your possession… right now?”
This ti, it was Yamarin who spoke.
If they only had one or two such pieces of evidence, although it would be compelling evidence of UBS Group’s illegal tax evasion, UBS Group was still confident that they could smooth things over.
Even if they couldn’t smooth it over, it wouldn’t result in a crippling blow.
But if David held dozens or more, then it wouldn’t be so easy for UBS Group to extricate itself.
That is exactly what he urgently wanted to clarify now.
“I can have every single client who bought this product!”
“What! Director David, what do you an by that?”
Yamarin and the rest of UBS Group’s legal departnt were all startled.
Every single one?
As ntioned before, the number of Arican clients who have purchased these two major products had reached tens of millions.
Could David really have such detailed information on every single one?
That would be far too outrageous!
“No other aning, just what the words themselves an!”
Hearing David’s firm statent, Yamarin, Humphrey, and a few others exchanged glances. Then Yamarin spoke up, “Director David, if the Swiss National Bank goes under, it’s not just us who’ll be in trouble.”
“What do you an by that?”
David questioned in return.
“It’s simple, we hold 26 percent of the world’s cross-border assets, with the largest proportion coming from Arica. In other words, if we collapse, the resulting chain reaction will affect you the most!”
“If a financial crisis were truly triggered, all of your people will be out of jobs and laid off, and then your tax revenue would plumt.”
“And when your people lose their jobs, the governnt will inevitably have to issue a large amount of unemploynt benefits. But where is that money going to co from?”
“Of course, it will be drawn from the tax coffers of your Internal Revenue Service!”
“At that ti, what your Internal Revenue Service will face is not only an inability to collect enough taxes but also the need to make substantial expenditures. So, if things go poorly, your Internal Revenue Service might even go bankrupt.”
“Have you really not considered such consequences?”
This was a strategy that Yamarin and his colleagues had already thought of on their way.
After all, Swiss Bank controlled 26% of global offshore assets, which was a significant bargaining chip for them.
And if the Swiss Bank really did collapse, Arica and even the Internal Revenue Service would be affected, was that not sothing that Director David would dread?
Even if he did not dread it, would he not have to make so concessions?
After finishing these words, Yamarin and his colleagues fixed their gazes on Director David’s face, hoping he would show a hint of dread or concern.
However, to their disappointnt, not only did Director David’s face not show any hint of dread or concern, but he maintained his smile and even ridiculed, “Is there anything else you would like to add, Mr. Yamarin?”
“You…”
Hearing such a casual response, Yamarin Humphrey and the others nearly burst out with expletives.
Was Director David’s head really that hard?
Was he actually not afraid of triggering a financial crisis?
Or the depletion of the Internal Revenue Service’s tax coffers?
In fact, it wasn’t that Director David wasn’t afraid of these things; he simply thought that Swiss Bank likely worried about a collapse more than he did.
And once a collapse occurred, those Jewish people, Angsa people, and oligarchs from various countries who had their money in Swiss Bank would probably want to settle accounts with Swiss Bank’s senior managent first thing.
And now, he held all the cards on his side; there was no need to be timid and let the other party lead him by the nose.
“Director David, since we’ve talked this much, why don’t you give us a clear answer? What exactly do you want?”
Yamarin slightly lowered his stance.
This was also a move out of helplessness, using the threat of triggering a financial crisis as a result of a collapse was the best bargaining chip they could think of at the mont.
But Director David obviously believed that they dared not escalate the situation to an outright confrontation, so their only choice was to lower their stance and negotiate further.
“To be frank, I don’t want to take Swiss Bank Group to court because that would simply be a waste of my ti…”
Hearing this, Yamarin and the others sighed with relief.
Given what Director David currently held over them, of course, they did not want to go to court; reaching an out-of-court settlent was the most desirable outco.
“So, as long as you admit to CUUI and CUUO’s tax evasion and pay a fine for tax evasion, and in addition, cooperate with the transfer of the Sackler family’s assets, you can resu operations in Arica. And, our dispute with the Internal Revenue Service will be put to rest.”
Upon hearing Director David’s words, the faces of Yamarin and the others instantly turned the color of liver.
Admitting to CUUI and CUUO’s wrongdoing and paying a tax evasion fine was certainly painful for Swiss Bank, but to be able to restart the group’s branch operations in Arica was barely acceptable.
But to transfer the Sackler family’s assets was akin to smashing their own brand, which for Swiss Bank Group was unacceptable.
“Director David, as you know, reputation is extrely important for a bank. Our Swiss Bank’s foundation is the assurance of credibility…”
“Don’t give that, I only want to hear whether you agree or refuse!”
Director David interrupted Yamarin before he could continue.
“…”
Yamarin’s face darkened and he fell silent, and the other mbers of Swiss Bank Group’s legal departnt also found themselves speechless.
The atmosphere remained tense for a full two minutes until Humphrey spoke up, “How about this, Director David, this matter is of great significance, we need so ti to consider, what do you think?”
“Go ahead, you have one day to think it over. I have a lot of work to do, and you must give an answer by tomorrow!”
Although they were internally dissatisfied with Director David’s uncompromising words,
they were, after all, in his territory, and since they were now in a vulnerable position, how could Humphrey and the others dare to object too much? They left the office with grim expressions on their faces.
Reviews
All reviews (0)