The Soviet Union is liquidating its Swiss bank.
The bank, Wozchod Commercial Bank Ltd. of Zurich, which is the Soviet Union’s principal gold-trading outlet in the West, is being liquidated by the Soviets following “very large” losses, the head of the Swiss Federal Banking Commission said. The announcement came three months after Wozchod’s chief gold dealer, a Swiss national, was fired for alleged irregularities. Swiss newspaper reports then cited estimates that the losses ranged between $140 million and $350 million.
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