GERMAN ASSETS
CONCEALED ABROAD NEUTRALS HONEYCOMBED subsidiaryTndustries (10 a.m.) WASHINGTON, July 3. The director of the Treasury’s foreign funds division, Mr. Orvis Schmidt, told the Senate sub-commit-tee, which is investigating German resources, that there had been an open invitation to Germany to utilise Swiss factories to conceal her assets throughout the world. Mr. Schmidt, who has just returned from Europe, said the Swiss Government, even at this late date, was loath to take the necessary steps to force the banks and other cloaking institutions to disclose the owners of the assets held in Switzerland. Thus, a true picture of German financial and industrial penetration throughout the world would be kept secret. The German industrial giants had honeycombed Portugal, Switzerland, Sweden and Spain as well as Argentina and Turkey with 650 subsidiary jand affiliated companies. Field Marshal von Manstein, in a confidential circular in September, 1943, directed brigade commanders to procure jewellery and precious stones, etc., which could easily be sold and transformed into deposits to be held in inviolable places. The United States did not even yet know the exact extent of German investments in this country.
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Bibliographic details
Gisborne Herald, Volume LXXII, Issue 21756, 4 July 1945, Page 3
Word Count
187GERMAN ASSETS Gisborne Herald, Volume LXXII, Issue 21756, 4 July 1945, Page 3
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