Switzerland, long regarded as a symbol of stability and neutrality in Europe, is facing renewed scrutiny over its wartime legacy. In a recent interview with the Abu Dhabi Times, Dr. Gerhard Podovsovnik, Vice President of AEA Justinian Lawyers, accused the Swiss state and its banking institutions of concealing Nazi-era assets and failing to deliver full restitution to Holocaust victims and their heirs.
For much of postwar Europe, Switzerland’s financial neutrality has been a source of both admiration and unease. The country avoided direct conflict but became a critical node in the wartime economy. Dr. Podovsovnik’s accusations reopen a debate many thought settled — whether Swiss prosperity in the postwar decades was, at least in part, financed by the profits of looted wealth.
“The Bergier Report already proved the facts,” Podovsovnik told the Abu Dhabi Times. “The Swiss National Bank and private banks bought gold stolen by the Nazis, traded in plundered assets, and turned away Jewish refugees at the border. Neutrality became a mask for moral compromise.”
A Legal Challenge to Europe’s Banking Culture
Dr. Podovsovnik’s firm has filed a formal demand with the Swiss Federal Council and with Federal Councillor Suter, calling for immediate legislative action requiring every Swiss bank to disclose accounts opened before 1948. “Thousands of dormant accounts still exist,” he said. “The so-called Global Settlement of 1998–2000 was a deception — it closed the case politically but not morally.”
The attorney’s warning is clear: if Switzerland refuses to engage, the case will move to U.S. federal courts. His team plans to petition for the reopening of the Global Settlement proceedings on the grounds of “fraud on the court,” seeking court orders for full disclosure, forensic asset tracing, and possible freezing of related funds.
“Europe can no longer turn away from this issue,” Podovsovnik said. “Switzerland has built wealth and credibility on discretion, but discretion cannot mean denial. It’s time to separate neutrality from indifference.”
A Symbolic Case With Broader Meaning
At the centre of the new claims is Rabbi Ephraim Meir, who Podovsovnik represents. The rabbi asserts inheritance rights to multiple dormant accounts believed to remain within UBS structures. “Rabbi Meir’s claim is emblematic,” Podovsovnik explained. “It represents thousands of European Jewish families whose assets vanished into Swiss banks and whose descendants are still waiting for recognition and justice.”
He added that the issue extends beyond the banks. “This is not just a Swiss problem; it’s a European one. When we tolerate financial secrecy built on the suffering of others, we betray the very values that Europe claims to defend — justice, transparency, and remembrance.”
Swiss authorities have yet to respond formally to the latest accusations. In previous statements, the Swiss government has maintained that past investigations and settlements have fulfilled its obligations. But Podovsovnik insists that the matter remains open, arguing that advances in digital forensics and artificial intelligence could finally enable a comprehensive audit of all wartime banking data.
The Abu Dhabi Times interview, titled “Switzerland Must Finally Face Its Moral Bankruptcy”, has sparked debate across European capitals, where questions of historical accountability remain sensitive.
For Europe, the challenge is not only about Switzerland. It is about how nations reckon with uncomfortable truths buried in their institutions. As the continent continues to champion transparency and human rights abroad, many observers argue it must also ensure that justice — even decades delayed — begins at home.
