A pedestrian walks by the doorway to Lombard Odier in Geneva, Switzerland.
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Lombard Odier — one in every of Switzerland’s oldest personal banks — was indicted by Swiss prosecutors on fees of aggravated cash laundering.
In a launch on Friday, the Workplace of the Lawyer Common 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 Legal Courtroom on Tuesday.
The OAG stated the accused helped conceal the proceeds of a felony 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 legal professional common in 2023 on accusations of laundering cash that was a results of felony actions in Switzerland between 2005 and 2012.
“Investigations have led the OAG to imagine that a part of the cash laundered in Switzerland could have been transferred in financial institution accounts at … Lombard Odier in Geneva. The financial institution and one in every of its former relationship managers are alleged to have performed a decisive position in concealing the proceeds of the felony actions of ‘The Workplace,'” the OAG stated in its assertion.
They’ve been underneath investigation since 2016, the prosecutors added.
Lombard Odier, whose origins date again so far as 1796, denies the allegations.
“We now have taken word of the choice of the Workplace of the Lawyer Common of Switzerland to deliver fees in opposition to the Financial institution for inadequate controls,” the financial institution stated in an announcement 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 benefit. 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 the moment serving a jail sentence in Uzbekistan.
