A pedestrian walks by the doorway to Lombard Odier in Geneva, Switzerland.
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Lombard Odier — one among Switzerland’s oldest non-public banks — was indicted by Swiss prosecutors on prices of aggravated cash laundering.
In a launch on Friday, the Workplace of the Lawyer Normal of Switzerland, or OAG, mentioned it filed an indictment towards Lombard Odier and a former worker of the financial institution at Switzerland’s Federal Felony Court docket on Tuesday.
The OAG mentioned 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 basic 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 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 one among 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 mentioned in its assertion.
They’ve been below investigation since 2016, the prosecutors added.
Lombard Odier, whose origins date again so far as 1796, denies the allegations.
“We’ve got taken observe of the choice of the Workplace of the Lawyer Normal of Switzerland to carry prices towards the Financial institution for inadequate controls,” the financial institution mentioned in a press release on Friday.
“This step follows the opening of a proper investigation towards 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 mentioned 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.
