{"id":46838,"date":"2012-07-01T00:00:48","date_gmt":"2012-07-01T00:00:48","guid":{"rendered":"http:\/\/www.colombotelegraph.com\/?p=46838"},"modified":"2012-07-04T08:29:27","modified_gmt":"2012-07-04T08:29:27","slug":"swiss-francs-85-million-invested-in-swiss-banks-by-sri-lankans-last-year","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/swiss-francs-85-million-invested-in-swiss-banks-by-sri-lankans-last-year\/","title":{"rendered":"Swiss Francs 85 Million Invested In Swiss Banks By Sri Lankans Last Year"},"content":{"rendered":"

By Feizal Samath –<\/strong><\/p>\n

Investments by Sri Lankan individuals, companies or the Sri Lankan government in secret Swiss accounts totalled more than 85 million Swiss francs (CHF) in 2011 while liabilities listed against Sri Lanka were 44 million in the same year, official data from the Swiss National Bank (SNB) show.<\/p>\n

\"\"<\/a>The Swiss franc is higher or equal in value against the US dollar (1CHF = 1.048 US$). SNB is Switzerland\u2019s central bank. However it doesn\u2019t provide details of who owns these assets or liabilities<\/a><\/span> and has listed these data under each country. Swiss secrecy laws protect the identity of the investor\/debtor, which is among a host of reasons why much black money or \u2018dirty\u2019 money is believed to be stashed by corrupt governments, individuals or businesspersons.<\/p>\n

Assets and liabilities of more than 200 countries are listed from 2002 to 2011, in SNB\u2019s latest 2011 annual report.
\nIn 2002, Sri Lanka\u2019s assets in all Swiss banks totalled 22.9 million CHF, 2003 \u2013 34.7 million, 2004 \u2013 105.5 million, 2005 \u2013 177.6 million, 2006 \u2013 56.5 million, 2007 \u2013 123.5 million, 2008 \u2013 104.8 million, 2009 \u2013 87.5 million and 2010 \u2013 111.3 million.
\nUnder this category, most of the investments were made in savings accounts.<\/p>\n

Liabilities were 2002 \u2013 36.3 million, 2003 \u2013 84 million, 2004 \u2013 205.4 million, 2005 \u2013 206.2 million, 2006 \u2013 166.8 million, 2007 \u2013 171.4 million, 2008 \u2013 53.1 million, 2009 \u2013 50.7 million and 2010 \u2013 51.9 million.The figures also showed that Sri Lankan banks had invested CHF 12.3 million, 12.3, 24.2, 78.4, 41.5, 94.1, 60.6, 82.1, 85.7, and 77.7 from 2002 to 2011.
\nIn comparison, Bangladesh with a larger population (about 150 million) and wealthier per capita group than Sri Lanka had lesser investments.<\/p>\n

Its highest asset-year was 2005 \u2013 CHF 94.4 million and lowest in 2006 \u2013 CHF 22.2 million. Its liabilities were, however, as high as Sri Lanka at CHF 243 million in 2007.<\/p>\n

It was unclear to some local bankers who analysed the data as to whether each annual figure reflected a carry-forward amount from the previous year or whether each year was a separate, new investment figure. If it was the latter, investments under Sri Lanka would total 910.3 million (for the past 10 years) while liabilities would total 1.07 billion.<\/p>\n

Bankers also questioned as to whether the Central Bank and its Financial Investigation Unit (FIU) is aware of the SNB annual report and whether action is being taken. Central Bank officials were not available for comment.
\nHere is the SNB web link with the details of assets and liabilities of all countries:<\/p>\n

http:\/\/www.snb.ch\/en\/iabout\/stat\/statpub\/bchpub\/stats\/bankench\/bankench_bLaender_D32<\/a><\/p>\n

Courtesy Sunday Times<\/p>\n

Related posts;<\/p>\n

Ex-Minister\u2019s money in Swiss bank account \u2013 A multinational company says<\/a><\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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