 I.
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BACKGROUND |
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On 23 July 1997 the Swiss Bankers' Association published the name of [Name] as being the holder of a dormant account.
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On 30 March 1998, The Claimant submitted a claim form through an ATAG Ernst & Young Dormant Account Contact Office. Subsequently, the Bank disclosed its name and the amount in the Account. By signing Claims Resolution Agreements, the Claimant and the Bank submitted this claim for resolution by the Claims Resolution Tribunal.
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The Bank has requested that this matter be resolved in the Fast Track procedure.
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Professor Dr. H. M. Riemer, the Chairman of the Tribunal, has signed an Appointment Order appointing Mr Doron Shorrer C.P.A. as Arbitrator in respect of this Claim. The Sole Arbitrator has accepted the Appointment, and has declared that he is independent of each of the Parties and intends to remain so throughout the proceedings.
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The Bank has reported that the Account had a balance of 8,839.85 Swiss Francs as at 22 May 1998. This amount has not been verified by the Sole Arbitrator.
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The Bank produced a copy of a computer record giving certain information about the Account Holder, including a date of birth and an address. A copy of this record is attached to this decision. The Bank has confirmed that this record comprises all of it existing records concerning the Account. A redacted copy of this record will be provided to the Claimant along with this decision.
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II.
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CONSIDERATIONS |
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The original claim form was prepared and submitted by Mr P. W., who stated that [the Claimant] was old and ill and that he was representing her as court appointed administrator. The claim is based on the assertion that [the Claimant] was in fact the Account Holder. The claim form contained biographical information about [the Claimant], including that she used to live in [Town], Sweden, and that she travelled to Switzerland during the 1930's and 1940's.
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By letter dated 25 March 1999, Mr S. B., a Swedish lawyer, informed the Tribunal that the Claimant died on 20 November 1998, and that he had been appointed as the legal administrator of her estate. Mr. B. submitted a certified translation of a decision of the Nacka district court, which states that he has been appointed as administrator of the estate of the late Claimant, who was born on [date] 1912.
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In the Fast Track Procedure, it must be possible for the Sole Arbitrator to decide, by simple factual and legal inquiries, that it is plausible in light of all the circumstances that the Claimant is entitled, in whole or in part, to the relevant account. The Sole Arbitrator must have no reason to believe that the Account Holder may have acted as an intermediary for a victim of Nazi persecution, that the Claimant may have submitted a fraudulent claim, or that the assets in the account may have been looted from victims of Nazi persecution.
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In this case, Mr B. has submitted a document which shows that he is the administrator of the estate of the late Claimant, whose name and birthdate precisely match information contained in the bank documents concerning the Account Holder. Other information, such as that the Claimant once resided in [Town] - the published domicile of the Account Holder - and that she had in the past travelled to Switzerland, also gives good support to the claim. There is nothing in the information provided by the Bank which might indicate that the Claimant and the Account Holder are not the same person. With such strong indications that the Claimant was indeed the Account Holder, it is very likely that her estate, represented by Mr B., is entitled to the Account. There are no other claimants before the Tribunal who have any reasonable chance of establishing a claim to the Account, and there is no other reason to believe that any other person has an equal or better claim to the Account.
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For these reasons, the Arbitrator is satisfied that the requirements for making an award to the Claimant in the Fast Track procedure are met, and that an award should therefore be made in favour of the Claimant.
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In its letter of 14 June 1999, the Bank offered to pay interest on the Account since 11 October 1993. It is not clear from the bank's submissions why this particular date has been chosen for the crediting of interest to the Account. Moreover, the question of whether an account should be adjusted for unpaid interest, and for bank fees previously deducted, is to be governed by Guidelines which will be issued by the Board of Trustees of the Independent Claims Resolution Foundation (the "Board of Trustees"). Although the issue of adjustment for interest and fees is a matter which the Arbitrator must address when making an award in the Fast Track procedure, it is premature to deal with this issue before the guidelines are received. Therefore, rather than issuing a Final Award at this stage, it is appropriate to issue a Partial Award, directing the Bank to transfer control to the Claimant of the assets currently in the Account, with the issue of any possible upward adjustment to current balances to be resolved in a later Final Award. The Bank may of course make a voluntary interest payment on the Account at this stage.
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III.
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PARTIAL AWARD |
Based on the submissions of the parties and the above considerations, and in accordance with Articles 11-13 of the Rules, the Sole Arbitrator renders the following Partial Award:
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1.
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The Sole Arbitrator recognises that the Claimant has a valid claim to the Account of The Claimant, and orders the Bank to transfer the assets currently in the Account to the Claimant, along with any interest payment it wishes to make in respect of the Account. |
2.
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Within thirty (30) days of receiving this Partial Award, the Claimant is invited to submit any comments it wishes to make in respect of the Bank documents attached to the Claimant's copy of this Award. If the Sole Arbitrator does not hear from the Claimant within the thirty (30) days he will assume that the Claimant has no comments to make and that the Claimant agrees with this Partial Award, subject to any adjustments to be made to the amount in the Final Award. |
3.
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The Sole Arbitrator will issue a Final Award, in which the amount awarded in this Partial Award may be adjusted on the basis of the Guidelines. |
4.
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This Partial Award will be sent to the Claimant and the Bank by registered mail against receipt. |
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7 July 1999
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Sole Arbitrator:
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[signature]
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Mr Doron Shorrer C.P.A.
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