Switzerland’s blazing row over inadequate disclosure requirements claimed its biggest victim Monday with the resignation of the head of the country’s largest state bank.
Hans Vögeli said he would step down as chief executive of Zürcher Kantonalbank (ZKB) after bitter criticism that the bank had helped raiders to build covert stakes in Sulzer, the Swiss engineering group.
The resignation marks the third senior departure from the bank, owned by the canton of Zurich, after revelations last month that a Russian-Austrian investment vehicle had assembled a 32 per cent stake in Sulzer.
Victor Vekselberg, a Russian oligarch, and the two Austrian raiders who joined forces to buy into Sulzer claimed their intentions were not hostile and said they had no plans for a takeover.
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