Fischer's dispute with Swiss bank

01.08.2006 Without giving a reason the Union Bank of Switzerland, one of the world's largest, has transferred the assets of the legendary chess world champion Bobby Fischer to a bank account in Iceland, where Fischer now resides. The sum of three million Swiss Francs (US $2.4 m or €1.9 m) was transferred without Fischer's permission and against his will.

Nobody knows why.



Bobby Fischer goes public on UBS
Criticises the bank for using discriminatory measures

In an lengthy interview with Morgunbladid, Reykjavik, last Saturday July 29th, chess legend and world champion Bobby Fischer revealed that he has been in a long and difficult dispute with the Union Bank of Switzerland, one of the world’s major banks, since he received in April 2005, soon after his arrival to Iceland from a detention in Japan, a notification that the UBS intended to terminate his account, which he had held with the bank for over 13 years since 1992.

The UBS asked Mr. Fischer for his banking details in Iceland in order to transfer all his assets and deposits with the bank, around three million dollars, notifying him at the same time about its unilateral decision to terminate all business relationship with him, without stating any reason or clarification for the action. Then, against Mr. Fischer's repeated protests, the UBS, after some extension of the deadline, went ahead in August 2005 and transferred all his funds to the Landsbanki in Reykjavik. The UBS even liquidated some of Fischer's gold coins, from his match with Boris Spassky in Sveti Stefan in 1992, and other investments, without his prior approval at a time when the rate for gold was very unfavorable.

According to Morgunbladid Mr. Fischer was not willing to receive his financial funds from the UBS in this way, he reserved his rights to take appropriate actions and asked Landsbanki to return the remittance immediately to the account of the UBS where the funds have been floating while this dispute continues."