Politician implicated in Swiss bank scandal

A scandal that threatened the standing of the Swiss central bank chief Philipp Hildebrand turned its focus yesterday onto a leading politician and critic of the banker.

Swiss media reported that Christoph Blocher, an outspoken figurehead of the far-right Swiss People’s Party, had perhaps skirted Swiss law in helping spark an investigation into a money transaction by Mr Hildebrand’s wife.

Kashya Hildebrand reportedly exchanged a large sum of Swiss francs weeks before the Swiss National Bank moved to devalue the currency by imposing a minimum value against the euro.

The SNB said an independent inquiry revealed no foul play.

Le Temps newspaper reported yesterday that Mr Blocher delivered extracts from the couple’s banking documents to then president Micheline Calmy-Rey after requesting a meeting on December 15.

Breach of client confidentiality is punishable by law but Basel authorities said on yesterday no legal case had so far been launched.

Authorities will only act if a complaint is lodged, public ministry spokesman Markus Melzl told the ATS agency.

Mrs Hildebrand, who runs an art gallery in Zurich, reportedly bought $500,000 on August 15, ahead of the SNB announcement on September 6 that it was to set a floor for the franc against the euro.