Prosecuted Swiss Court Sentences Individual Linked to "Putin's Finances"
Swiss financial institutions are mandated to meticulously vet their business associates. However, a Zurich bank neglected this duty for accounts linked to Russian musician Sergey Roldugin. Roldugin, a pal of Putin, is listed on the nation's sanctions roster. Four former employees of the bank are currently convicted by the Swiss Appellate Court over the handling of funds related to Putin's inner circle.
The Swiss Appellate Court has rendered a guilty verdict against four bankers in connection with the management of funds associated with Russian President Vladimir Putin's inner circle. The employees at the Swiss branch of the Russian Gazprombank were remiss in determining whether the funds deposited in accounts belonging to Roldugin truly belonged to him. The court imposed conditional fines reaching up to 330,000 Swiss Francs on the bankers.
In 2014, two accounts were established at the Gazprombank in Zurich, with Roldugin appearing as the beneficiary. According to the indictment, the cellist and conductor is also the godfather of one of Putin's daughters. Following Russia's hostilities towards Ukraine, he was added to the Swiss sanctions list. According to the list, Roldugin is popularly known as "Putin's briefcase" in Moscow. Two of the three judges ruled in favor of a guilty verdict. They confirmed that the defendants deliberately abstained from investigating the actual account holder on accounts filled with dividends from a Russian media company.
Based on the dividend payments, Roldugin's connection to the media company was estimated to be worth over 100 million Swiss Francs by the presiding judge. Prior to 2016, Roldugin was essentially an obscure figure. "Explanations or justifications were needed in St. Petersburg" stated the judge. The claim that Roldugin's connection to the media company was funded through wages and loans was deemed implausible by the judge. "This could suggest a straw man financing." In this case, it is not about the question of who the money belonged to and whether it originated from illicit sources, but about whether the necessary investigations were conducted.
Swiss banks are mandated to discontinue or refrain from business dealings when there are significant doubts about the identity of the contracting party. The four men contested all charges and requested exoneration. There was no reason to question the economic justification provided by Roldugin. A representative for the defendants indicated after the verdict that they would wait for the written explanations of the judgment before deciding on an appeal. The subsequent instance would then be the Federal Court, the highest Swiss court.
