BusinessCompany NewsUBS shareholders want audit of controls

UBS shareholders want audit of controls

The enormous number of writedowns prove that control mechanisms have not worked properly according to Ethos

Beleaguered Swiss bank UBS has been hit by shareholders with a demand for a
special audit into how the bank got bogged down in the sub-prime quagmire.

At an EGM yesterday shareholder activist group Ethos requested an audit into
the risk management systems of the bank, which were reputed to be among the best
in the financial industry.

‘The enormous number of writedowns prove that control mechanisms have not
worked properly,’ said Ethos head Dominique Biedermann.

Over the past year, UBS incurred $18bn (£9m) in charges over disastrous
sub-prime investments. Investors also fear fresh writedowns could emerge after
the bank revealed that its exposure to risky US investments in residential
mortgages were higher than previously thought.

Shareholders approved a request from chairman Marcel Ospel for a
$11.94bn
cash injection
.

Further reading:

UBS first bank sued over sub-prime loss

Balance sheet concerns plunges UBS shares

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor