$900m frozen in arms deal scandal

Swiss authorities said yesterday that $900 million belonging to Taiwanese residents remained frozen in Swiss bank accounts linked to the alleged corrupt sale of six French frigates to Taiwan in the 1990s.

Examining magistrate Paul Perraudin confirmed the amount frozen, nearly double that previously reported. He said he would consider unfreezing the money if a Taiwanese court rules on whether the money was from corrupt payments and if it should be confiscated.

The case concerns allegations that French firm Elf Aquitaine paid bribes to persuade French authorities to approve the $2.7 billion sale of six frigates to Taiwan in 1991 and to encourage Taiwan to buy them.