A pedestrian walks at the entrance to the Lombard Odier in Geneva, Switzerland.
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Swiss prosecutors indicted Lombard Odier – one of Switzerland's oldest private banks – on aggravated money laundering charges.
In a statement issued on Friday, the Swiss Attorney General's Office, or OAG, said it filed an indictment against Lombard Odier and a former employee of the bank in the Swiss Federal Criminal Court on Tuesday.
The prosecutor's office said the accused helped hide the proceeds of a criminal organization set up 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 prosecutor in 2023 on corruption charges. Money laundering as a result of criminal activities in Switzerland between 2005 and 2012.
“Investigations have led the Public Prosecutor’s Office to believe that part of the funds laundered in Switzerland may have been transferred to bank accounts at… the Lombard Odier Bank in Geneva. The bank and one of its former relationship managers allegedly played a crucial role in this operation.” . The Public Prosecutor’s Office said in its statement: “Hiding the proceeds of the Office’s criminal activities.”
Prosecutors added that they have been under investigation since 2016.
Lombard Odier, whose lineage dates back to 1796, denies the allegations.
“We have taken note of the decision of the Swiss Attorney General's Office to file charges against the bank for inadequate controls,” the bank said in a statement on Friday.
“This move follows the opening of a formal investigation against the bank that was launched and made public in 2016. As for the bank, the allegations are baseless and baseless. The bank plans to defend itself vigorously.”
The bank said the case began because Lombard Odier “proactively reported suspicions to the Swiss authorities.”
CNBC reached out to Grégoire Manguet, who represented Karimova during her legal battles with Swiss authorities. Karimova is currently serving a prison sentence in Uzbekistan.
