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17 September 2008 - Press Briefing

Billionaire sues UBS over offshore tax fraud

Igor Olenicoff, a billionaire property developer, on Tuesday sued UBS and almost a dozen current and former executives of the Swiss bank in federal court in Santa Ana, California, according to a report in The New York Times.

Olenicoff, one of the Swiss bank’s former top private banking clients, has alleged that he was the target of a scheme by UBS to seek out and sign up wealthy Americans keen to put their money offshore into a Swiss bank.

He also accused UBS of luring him into becoming a participant in a deceptive investment scheme aimed at cheating the Internal Revenue Service of millions of dollars in taxes, the NYT report said.

Tags: Igor Olenicoff , Internal Revenue Service , UBS

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Mayfair goes Modern

Sebastian + Barquet, a three-year old design gallery based in New York and Chelsea, is opening a new gallery showing museum quality pieces in Mayfair next month, the first in London to focus on international modernism from the 1940s to the 1960s. Its opening exhibition is dedicated to American modernist design and is curated by celebrated architect Eric Parry.

Rich Monitor

Stocking filler: Harrods sells world's most expensive shirt

Harrods, the luxury London-based retailer, is selling a diamond-encrusted shirt valued at £20,000, the world's most expensive shirt ever made. Although the shirt has not yet been sold, it puts paid to the idea of the wealthy having to reign in their spending as a result of the recession.

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