Just before the entry of the US into the war in 1941, the Swiss bank LaRoche acted jointly with Schulte to establish in Switzerland, Internationale Kapitalanlegen Gesellschaft (Ikap), also a wholly owned subsidiary of Giesche's Erben. It was this corporation that Schulte managed to convince the US owners to sell their part of Giesche but before the sale could be completed a presidential order was issued freezing all financial transactions involving Germany and taking place in Switzerland and would require approval of the US Treasury Department.