Russian tycoon Usmanov files lawsuit against UBS's affiliate company
Title giant: Alisher Usmanov sues UBS for baseless money laundering accusations
In a recent turn of events, Alisher Usmanov, the wealthy Russian-Uzbek businessman, has taken legal action against UBS Europe SE, a branch of the Swiss bank in Frankfurt. Usmanov's legal team claims that unfounded reports made by UBS about his monetary transactions led to an investigation against the billionaire.
Gauweiler & Sauter, a notable law firm, allegedly initiated a lawsuit for damages at the Frankfurt Regional Court, accusing UBS Europe SE of breach of contract and unlawful conduct. UBS chose not to respond to inquiries regarding the matter.
The lawsuit centers on UBS Europe SE's reports to the Financial Intelligence Unit of the Federal Customs Administration regarding suspicious transactions of Usmanov, which triggered criminal probes against him.
Between 2015 and 2022, UBS served as the bank for Usmanov's accounts in Germany. However, the bank reportedly submitted more than a dozen suspicious activity reports between 2018 and 2022, which led to substantial financial losses for Usmanov.
Read also:
- The allegations of money laundering against Usmanov have been linked to his business dealings in Moscow, raising questions about Russia's role in international financial transactions.
- Despite the ongoing legal battle, some Russian oligarchs, including Usmanov, continue to maintain their wealth in Swiss banks, such as UBS, due to Switzerland's known lenient policies towards money laundering.
- In response to the UBS's reports to the Swiss authorities, Russia's Justice Ministry has initiated an investigation into the bank's activities in Moscow, focusing on potential violations of Russia's anti-money laundering laws.
