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Friday, April 11, 2008

Return of Taiwanese frigate assets delayed

Switzerland has ruled out an early handover of assets frozen in connection with a corruption case involving the sale of French frigates to the Taiwanese navy.

Federal investigating magistrate Paul Perraudin has decided the assets worth over $520 million (SFr518 million) will remain in Switzerland until Taiwan submits a court confiscation order, the justice ministry announced on Thursday.

But the judge pointed out that there were "significant indications" the funds were criminal proceeds.

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