Switzerland Returns $670M in Arms Deal Funds to Bruno Wang After 20-Year Probe

After a two-decade investigation, Swiss authorities returned $670 million to Bruno Wang, a Taiwanese-British citizen, in 2021, funds originating from controversial arms deals involving Taiwan and France, according to reports in Le Matin Dimanche.

The money stems from commissions allegedly paid during the 1990s when Taiwan purchased French Fregates and Mirage fighter jets. Despite a prohibition on such payments, commissions were reportedly channeled through Swiss bank accounts. Taiwan initially requested Switzerland freeze the funds in 2001, initiating the lengthy investigation.

The decision to return the funds was made after authorities were unable to substantiate the initial allegations of impropriety. According to the report, $266 million was returned to Taiwan, with Switzerland retaining half of that amount to cover the costs of the investigation. The arms manufacturer, Thales, had previously returned funds to Taiwan related to the same deals.

Wang, a known philanthropist residing in the canton of Vaud, Switzerland, remains unable to travel to Taiwan, where he faces ongoing money laundering accusations. His lawyer told Le Matin Dimanche that Wang was not involved in the arms transactions that occurred in the 1990s.

The return of the funds has drawn renewed scrutiny to the original arms deals and the role of intermediaries. The Organized Crime and Corruption Reporting Project (OCCRP) has reported on the case, highlighting the secretive nature of the accounts involved.

The Swiss Federal Department of Justice and Police has not publicly commented on the specifics of the case beyond confirming the return of the funds. Taiwanese authorities have as well not issued a statement regarding the receipt of the $266 million or the ongoing investigation into Wang.