International Courant
A pedestrian walks previous the doorway to Lombard Odier in Geneva, Switzerland.
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Lombard Odier – considered one of Switzerland’s oldest non-public banks – was indicted by Swiss prosecutors on cash laundering fees.
In a information launch on Friday, the Workplace of the Lawyer Normal of Switzerland, or OAG, mentioned it filed fees towards Lombard Odier and a former worker of the financial institution on the Swiss Federal Prison Court docket on Tuesday.
The OAG mentioned the suspects helped conceal the proceeds of a legal group based by Gulnara Karimova – the daughter of Islam Karimov, Uzbekistan’s authoritarian president who died of a stroke in 2016. Karimova was indicted by the Lawyer Normal in 2023 on fees of cash laundering ensuing from legal actions in Switzerland between 2005 and 2012.
“Investigations have led the OAG to imagine that a number of the cash laundered in Switzerland might have been transferred to financial institution accounts at… Lombard Odier in Geneva. The financial institution and considered one of its former relationship managers are alleged to have performed a decisive function in concealing the proceeds of the legal actions of ‘The Workplace’,” the OAG mentioned in its assertion.
They’ve been beneath investigation since 2016, the prosecutor added.
Lombard Odier, whose origins date again to 1796, denies the accusations.
“We have now taken notice of the choice of the Workplace of the Lawyer Normal of Switzerland to sue the Financial institution for inadequate controls,” the financial institution mentioned in a press release on Friday.
“This transfer follows the opening of a proper investigation towards the financial institution that was launched and made public in 2016. For the financial institution, the allegations are baseless and unfounded. The financial institution intends to defend itself vigorously.”
The financial institution mentioned the case was initiated by Lombard Odier’s “proactive reporting of suspicions to the Swiss authorities”.
CNBC has contacted Gregoire Mangeat, who has represented Karimova throughout her authorized battle with Swiss authorities. Karimova is at present serving a jail sentence in Uzbekistan.
