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Senior UBS employee detained in US

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Date: Wednesday 07 May 2008

LONDON (ShareCast) - UBS has confirmed that one of its senior employees was briefly detained by US authorities under a material witness warrant.

The Department of Justice and the Securities and Exchange Commission (SEC) are examining UBS's conduct in relation to investment advice given by the bank to US clients between 2000 and 2007.

“Our understanding is that the respective employee, who has not been charged with any wrongdoing by the US government, will remain in the United States pending discussions with the US authorities regarding resolution of his status as a witness,” the group said in a statement today.

The Swiss banking giant did not name the employee, but the Financial Times identified him as Martin Liechti, head of North and South America for UBS’s international wealth management business.

The paper also said that the investigation focuses on whether UBS helped its American clients evade tax.