Lombard Odier, one of Switzerland’s oldest private banks, has been indicted by Swiss prosecutors on charges of aggravated money laundering. The Office of the Attorney General of Switzerland (OAG) announced on Friday that it had filed an indictment against Lombard Odier and a former bank employee at Switzerland’s Federal Criminal Court on Tuesday.
The OAG stated that the accused individuals assisted in concealing 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. Karimova was indicted by the attorney general in 2023 for allegedly laundering money derived from criminal activities in Switzerland between 2005 and 2012.
According to the OAG, investigations indicated that some of the laundered money in Switzerland might have been transferred through bank accounts at Lombard Odier in Geneva. The bank and one of its former relationship managers are accused of playing a significant role in concealing the proceeds of criminal activities.
The prosecutors mentioned that Lombard Odier and the individuals involved have been under investigation since 2016. Lombard Odier, with origins tracing back to 1796, has refuted the accusations, stating that the allegations are baseless and that the bank intends to vigorously defend itself.
The bank acknowledged the decision of the OAG to press charges against them for insufficient controls, following a formal investigation initiated in 2016. Lombard Odier emphasized that the case stemmed from the bank’s proactive reporting of suspicions to Swiss authorities.
CNBC has attempted to contact Gregoire Mangeat, who has represented Karimova in her legal disputes with Swiss authorities. Karimova is presently serving a prison sentence in Uzbekistan.
