Sonali Ray, writer
Brief news
- Lombard Odier, a historic Swiss private bank, faces indictment for aggravated money laundering linked to Gulnara Karimova, daughter of Uzbekistan’s late president.
- Swiss prosecutors allege the bank and a former employee helped conceal proceeds from Karimova’s criminal organization between 2005 and 2012.
- Lombard Odier denies the allegations, asserting they stem from proactive reporting to authorities and intend to defend against the charges.
Detailed news
Lombard Odier, one of Switzerland’s oldest private banks, was indicted by Swiss prosecutors on charges of aggravated money laundering..
The Office of the Attorney General of Switzerland (OAG) announced in a press release on Friday that it had lodged an indictment against Lombard Odier and a former employee of the bank at Switzerland’s Federal Criminal Court on Tuesday.
The OAG stated that the accused were involved in the concealment of the proceeds of a criminal organization established by Gulnara Karimova, the daughter of Islam Karimov, the authoritarian president of Uzbekistan who passed away in 2016 due to a stroke. Karimova was indicted by the attorney general in 2023 on charges of money laundering for illicit activities that occurred in Switzerland between 2005 and 2012.
“The OAG has concluded that a portion of the money that was laundered in Switzerland may have been transferred to bank accounts at Lombard Odier in Geneva as a result of its investigations.” “The OAG alleges that the bank and one of its former relationship managers were instrumental in the concealment of the proceeds of ‘The Office’s criminal activities.”
The prosecutors also stated that they have been the subject of an investigation since 2016.
The allegations are denied by Lombard Odier, a company with roots dating back to 1796.
The bank issued a statement on Friday acknowledging the Office of the Attorney General of Switzerland’s decision to file charges against the Bank for lack of controls.
“This action is a continuation of the formal investigation into the bank that was initiated and disclosed in 2016.” The allegations are without merit and are unfounded for the bank. The bank intends to vigorously defend itself.
The bank stated that the case was commenced by Lombard Odier’s “proactive reporting of suspicions to the Swiss authorities.”
Gregoire Mangeat, who has defended Karimova in her legal disputes with Swiss authorities, has been contacted by CNBC. Karimova is presently incarcerated in Uzbekistan.
Source : CNBC news
