Trial resumes over Brazilian tax scam

The trial has resumed of top employees of a defunct Swiss private bank accused of laundering $44.8 million (SFr46.3 million) for a ring of Brazilian tax officials.

The five defendants, who face up to five years in jail if found guilty, have dismissed the allegations and claim they are the victims of slander.

The trial at the Federal Criminal Court is expected to take two weeks, but no date for the publication of the verdict has been set.

The case dates back to 2002 when the Geneva-based Union Bancaire Privée (UBP) took over the Discout Bank&Trust company.

UBP reported irregularities to the authorities and froze the accounts.

The trial was suspended last month after the judges announced they also wanted to include charges of extortion and fraudulent management.

In 2003 a court in Brazil handed down prison sentences of up to 17.5 years for seven tax officials for money laundering, bribery and falsifying documents. They held accounts with the Discount Bank&Trust company.