Swiss stock exchange launches investigation into Vontobel

 

Switzerland's stock exchange is investigating Swiss bank Vontobel AG for possible breaches of disclosures rules in its 2008 annual report, the SIX Exchange regulation said on Thursday.

SIX Exchange Regulation monitors and enforces issuers'obligations on behalf of the SIX Swiss Exchange Ltd. As part of this role it carries out spot checks on the corporate governance reports of the main listed companies.

"Due to such a check SIX Exchange Regulation began an investigation into possible breaches by Vontobel Holding AG ofthe disclosure provisions of the Corporate Governance Directivein connection with the bank's 2008 annual report" SIX said in astatement.

Vontobel spokesman Juerg Staehelin said: "We are in discussions with the SIX and we will make sure we can present our position.

"We believe the way we presented our corporate governance disclosures in our 2008 annual report is compliant with the rules and in line with the way other banks present their corporate governance disclosures."

The SIX statement added the proceedings will continue for an indefinite period and no information will be provided while the investigation is ongoing.