A pedestrian walks by 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 costs of aggravated cash laundering.
In a launch on Friday, the Workplace of the Lawyer Basic of Switzerland, or OAG, stated it filed an indictment in opposition to Lombard Odier and a former worker of the financial institution at Switzerland’s Federal Felony Court docket on Tuesday.
The OAG stated the accused helped conceal the proceeds of a prison group arrange by Gulnara Karimova — the daughter of Islam Karimov, the authoritarian president of Uzbekistan who died of a stroke in 2016. Karimova was indicted by the lawyer normal in 2023 on accusations of laundering cash that was a results of prison actions in Switzerland between 2005 and 2012.
“Investigations have led the OAG to consider that a part of the cash laundered in Switzerland might have been transferred in 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 prison actions of ‘The Workplace,'” the OAG stated in its assertion.
They’ve been beneath investigation since 2016, the prosecutors added.
Lombard Odier, whose origins date again so far as 1796, denies the allegations.
“Now we have taken be aware of the choice of the Workplace of the Lawyer Basic of Switzerland to carry costs in opposition to the Financial institution for inadequate controls,” the financial institution stated in a press release on Friday.
“This step follows the opening of a proper investigation in opposition to the financial institution initiated and made public in 2016. For the financial institution, the allegations are unfounded and with out advantage. The financial institution plans to defend itself vigorously.”
The financial institution stated the case was initiated by Lombard Odier’s “proactive reporting of suspicions to the Swiss authorities.”
CNBC has reached out to Gregoire Mangeat, who has represented Karimova all through her authorized battles with Swiss authorities. Karimova is at present serving a jail sentence in Uzbekistan.
