Counterstatement by Frey & Co. Administration AG to an article in “Inside Paradeplatz” on 18 November 2013 entitled “Heritage erwirbt Kunden von “Highrisk”-Frey” (“Heritage acquires customers from “highrisk” Frey”)
Zurich, 28 November 2013
Frey & Co. Administration AG (formerly Bank Frey & Co. AG) wishes to stress the following:
Contrary to the article in Inside Paradeplatz on 18 November 2013, Frey & Co. Administration AG has neither “sold assets” nor transferred “radioactive or toxic assets”, and does not hold any “toxic client funds”. The opposite is the case.
In October, the former Bank Frey & Co. AG decided to cease its banking activities and to terminate all of its client relationships. Beforehand, the Bank verified the tax compliance of all its US clients, and an external auditor confirmed so. In addition, the Bank examined all of its other clients to determine whether they had any link to the US. Again, an external auditor checked and confirmed these findings. As a result, it was determined that Bank Frey did not have any clients with potential US tax issues. In order to allow its clients for a simplified procedure to open new banking relationships, the Bank also agreed with a third-party bank to introduce non-US customers and to recommend it. Therefore, any reference to a “sale” or to “toxic client assets” are completely inappropriate.