05/09/2001

According to a new study by a Swiss governmental body, the Independent Commission of Experts, "Switzerland was a trade centre for looted assets from Nazi Germany and the occupied territories". In addition, the report adds that Galerie Fischer of Lucerne, the country’s largest auction house in the 1940’s, arranged sale transactions for "emigrant auctions" from refugees escaping Germany, selling their property and assets to raise travel expenses. The Independent Commission of Experts was established in December 1996 and is investigating gold trading and foreign currency transactions conducted by the Swiss National Bank and by private commercial banks. The ICE has research teams in the USA, Germany and Poland, with governmental funding of $ 15 million (€ 16.5 million). (Andrew Moore)