Accounts of 500 UBS clients already sent to US-paper

* Clients gave consent to handover of data-newspaper Sonntag

* 2,900 cases already processed, 1,550 still in preparation

* Politicians could block handover of remaining accounts

ZURICH, June 13 (BestGrowthStock) – Swiss authorities have already
handed over 500 accounts of UBS (UBSN.VX: ) clients to the United
States under an agreement to end a tax dispute that has
threatened the bank’s existence, a paper reported on Sunday.

The Swiss lower house rejected the agreement on Tuesday,
triggering a new parliamentary debate next week and delaying a
final decision on whether to allow the government to hand over a
total of 4,450 UBS client accounts to U.S. authorities.
[ID:nLDE6570NF]

UBS (UBS.N: ), the world’s second-largest wealth manager, has
already handed the accounts to Swiss tax authorities but the
domestic political deadlock threatens to stop Switzerland
handing them on to the U.S. by the August deadline.

Missing this deadline could lead to the U.S. restarting
legal action against the bank.

Around 2,900 files had already been prepared for handover
and 1,550 more accounts were still being processed, Swiss paper
Sonntag reported.

“Client dossiers were transferred to the United States in
around 500 of the 2,900 cases,” the paper cited the Swiss tax
office spokesman Thomas Brueckner as saying

These 500 clients had signed waivers allowing their accounts
to be handed over to the U.S. taxman voluntarily. Swiss bank
secrecy law usual prohibits the transfer of account details to
foreign authorities.

UBS, which has asked U.S. clients to sign waivers
voluntarily, declined to comment. The Swiss federal tax office
was not immediately available for comment.

Stock Market Research

(Reporting by Jason Rhodes; Editing by Louise Heavens)

Accounts of 500 UBS clients already sent to US-paper