UBS accounts in London closed 3 years back: ADAG

Anil Dhirubhai Ambani Group today said it had closed its London accounts with Swiss banking giant UBS three years ago and the accounts stand closed as of now.

Reacting to media reports about European regulators imposing a fine on UBS for misusing deposits belonging to its clients, including the Anil Ambani group, an ADAG spokesman said it has nothing to do with the European investigations or the reported penalty imposed on UBS by European regulators except that the company once maintained accounts with the UBS in London.

"We maintained the bank accounts with UBS, London, in full compliance with all applicable laws, rules and regulations. The entire proceeds have been repatriated back to India nearly three years back, and accounts stand closed," an ADAG statement said.

"Our known corporate rivals are as usual distorting facts to level baseless and speculative allegations," it added.

The Financial Services Authority has imposed a fine of eight million pounds (about Rs50 crore) on UBS, after four senior employees of the bank were found to have illegally used money from the accounts of 39 clients, including Anil Ambani group firms, for speculating in foreign exchange and commodities, during 2006-2007.

Commenting on it, an Anil Ambani group spokesperson said that its rivals were distorting the facts.