Word: zug
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...overseas. Last week's settlement will allow the two companies to resume operating in the U.S. But criminal charges of tax evasion, fraud and racketeering still stand against Rich and his partner, Pincus ("Pinky") Green. The two, both 50, fled from New York City to their headquarters in Zug, Switzerland, in September 1983, only a few weeks before federal investigators brought 51 separate charges against them...
...diplomatic tug-of-war between officials in Washington and Bern. Because Switzerland's law forbids the divulging of business secrets, authorities there took a dim view of an American court fining a Swiss firm to obtain documents. In August 1983 Swiss officials descended on Rich's Zug offices and seized papers out of fear that the company would cave in to U.S. investigators...
Rich and Green apparently remain ensconced in their modern, blue-glass headquarters in the lakeside town of Zug (pop. 22,000). There the pair are regarded by some natives as folk heroes rather than accused felons. But it will take a long time to rebuild Marc Rich's globe-straddling commodities business. Many customers have reportedly shied away, as have some of the firm's skilled traders! Said one departed employee: "This company has gone through hell." Not to mention having just given up nearly $200 million...
...insisted that the courts had the right to Rich's documents, but Swiss officials said that they were protected by that country's famed business-secrecy laws. After the U.S. attempted to get the Rich documents, Swiss officials seized many papers at Rich's headquarters in Zug to keep them from the Americans. Justice Department attorneys claim that the documents contain "golden nuggets" that would enable them to prove twice as much tax evasion as is currently charged. The Swiss have yet to decide whether they will extradite Rich and Green...
...time being, Rich and Green apparently remain in the corporate-tax-haven canton of Zug. Rich's company is well known there for its blue-tinted, steel-and-glass structure, which has been nicknamed "the Dallas building" after the American TV show. Zug's business community, which resents U.S. meddling, has shown some sympathy for Rich...