Facts
The WIN+WEG cooperative (WWG) based in Biel was founded on 2 October 2004. It operated a cashless and interest-free performance clearing platform (EUROWEG) for its members, financed real estate projects and promoted the economic independence of its shareholders. The WWG raised around CHF 2.6 million in additional repayable "cooperative capital" from over 20 persons and promised returns of 25% per year and possible annual bonus payments of 7-10%.
The Swiss Federal Banking Commission (EBK) concluded that the WWG had violated the prohibition on the commercial acceptance of public deposits and had wrongly referred to itself as a "bank". It therefore declared the bankruptcy of the WWG.
Considerations
The Federal Supreme Court upheld the EBK's decision. It found that the WWG had accepted public deposits through the EUROWEG system and the acceptance of additional "cooperative capital", without any exception to the banking regulations being given. As a subsequent permit could not be granted and the WWG was over-indebted, the liquidation in accordance with the special rules of the bank bankruptcy was lawful.
The Federal Supreme Court stated that the EBK was authorised and obliged to order the subjection and liquidation of the WWG, as there were sufficient indications…