Word: zuricher
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...years ago, the Sacher family called in Gerber, who headed the Zurich Insurance Co., to take over Hoffmann-La Roche, whose Valium profits had tranquilized it into lethargy. He streamlined the administration, production and research and set out to find a new generation of superstar drugs. The antibiotic Rocephin, which had worldwide sales last year of $445 million, is currently the firm's largest-selling product. Valium, though, remains the second-best seller. Last week the company reported that 1988 profits had risen to $389 million, up 33% from the previous year, on sales of $5.3 billion. Now that Hoffmann...
Behind every successful drug syndicate lies a complex mechanism for recycling bundles of tainted cash into respectable assets. But until two years ago, when Los Angeles narcotics officers seized three Zurich-bound suitcases stuffed with $2 million in currency, there was little hard evidence to implicate the venerable granite-walled banks of Switzerland in such schemes. Since then Swiss banks have been chastened by the disclosure that their accounts were used in a billion-dollar money-laundering operation. The resulting political scandal, in which the Justice Minister was forced to resign, ranks as the worst in modern Swiss history...
...crime in Switzerland unless it can be shown that the cash flows from criminal activities. Yet Switzerland is a magnet for money launderers because of its legitimate multibillion-dollar trade in foreign bank notes. As much as 3,000 lbs. of foreign currency arrives daily at Zurich's Kloten airport. Much of the cash represents earnings from tourism, which each country's banks exchange for local currency. Swiss authorities are investigating charges that Lebanese currency dealer Barkev Magharian, 35, and his brother Jean, 44, both of whom are now in custody, took advantage of that market by laundering around...
...report last year on the money-laundering affair, Swiss Federal Prosecutor Dick Marty mentioned the Zurich currency-dealing firm Sharkarchi Trading. The company denies any involvement in money laundering. Shortly before publication of the prosecutor's report, Hans Kopp, a prominent Zurich lawyer and husband of Justice Minister Elisabeth Kopp, resigned his positions as a director and vice chairman of Sharkarchi. Mrs. Kopp later resigned after admitting that she had warned her husband of the impending scandal. A criminal probe will determine whether she violated official strictures of secrecy...
...York Times reported last week that the U.S. was concerned that Egypt was planning to build a gas factory north of Cairo with materials it bought from Zurich-based Krebs...