25 April 2014 17:20 [Source: ICIS news]
LONDON (ICIS)--A Swiss federal court has confirmed a guilty verdict of fraud against a former accountant of EMS-Chemie, the Switzerland-based specialty chemicals producer said on Friday.
However, the court did not confirm the five-and-a-half years prison sentence a lower court imposed. It referred the case back, asking the lower court to provide further justification of the sentence, EMS said.
EMS said that given that the former accountant is now 78 years it has become increasingly unlikely that the verdict will actually be enforced. In addition, EMS has yet to recover the Swfr10m ($11.4m) the accountant obtained fraudulently, it said.
The company said that the nine-year duration of the legal case against the accountant demonstrated "massive inadequacies" in the Swiss legal system.
Internationally, Swiss law and its enforcement have become a disadvantage for firms setting up and doing business in Switzerland, EMS added.
($1 = Swfr0.88)
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