A.M. Trust & UBS AG
Lead NCPSwitzerland
Supporting NCP(s)
DescriptionSpecific instance alleging a non-observance of the OECD Guidelines.
Theme(s)Human rights, Consumer interests
Date10 Aug 2023
Host country(ies)Indonesia
SourceOther interested parties
Industry sectorFinancial and insurance activities
StatusNot accepted

Read the Final Statement published 24 January 2024: English

On 10 August 2023, A.M. Trust, a global insurance provider, submitted a specific instance to the Swiss NCP alleging that UBS AG, a multinational investment bank and financial services company, had not observed the Human Rights (Chapter IV) and Consumer Interests (Chapter VIII) provisions of the Guidelines in connection with assets held by politically exposed persons. Specifically, the referenced assets are referred to as "Indonesian Legacy Assets" and originated under the Sukarno and Suharto regimes (1945-1988). The submitter alleges that UBS failed to return those assets to the depositors and victims of human rights violations.

On 24 January 2024, the NCP published a final statement deciding not to accept the specific instance for further examination. The decision was reached as the alleged issues raised were neither sufficiently substantiated nor material within the scope of the Guidelines. In particular, the NCP noted, that the submission included no information on a violation of human rights of the beneficiaries of A.M. trust. As the allegations had been submitted by the same Party in a number of parallel proceedings, and the allegations were not confirmed in any of these proceedings, the NCP saw no added value in conducting a mediation procedure. Therefore, the NCP concluded that further examination of the issues would not contribute to the purpose and effectiveness of the Guidelines.

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