Swiss court fines Lombard Odier bank $3.6 mln, drops Gulnara Karimova case
A Swiss court has fined private bank Lombard Odier 3 mln Swiss francs ($3.68 mln) for failing to prevent money laundering while formally dropping proceedings against the daughter of Uzbekistan’s former president.
The judgement ordered the confiscation of more than 400 mln francs in assets. Magistrates halted the high-profile prosecution of Gulnara Karimova because she is currently imprisoned in Uzbekistan with no prospect of extradition before the statute of limitations expires.
Prosecutors had accused the 54-year-old of running a criminal syndicate called «The Office» that allegedly funnelled hundreds of millions of dollars in illicit bribe money into Swiss accounts between 2005 and 2013. Karimova, the daughter of late leader Islam Karimov, has consistently denied any wrongdoing.
Other suspects of Lombard Odier case
The judicial panel also handed a 24-month suspended prison sentence to a former Lombard Odier account manager identified only as C. Magistrates ruled the Geneva-based financial institution failed to implement adequate organisational measures to stop the illicit transfers. Both sentences were reduced due to the time elapsed since the crimes occurred, and all charges relating to events before July 2011 were dismissed entirely.
Proceedings against another suspect residing in Russia were similarly suspended because the individual could not travel to Switzerland.
Representatives for Lombard Odier confirmed the bank will appeal the ruling. The firm stated it maintained robust internal controls and anti-money laundering procedures during the period in question. It also noted the investigation only began after the bank proactively flagged suspicious activity to Swiss authorities in 2012.
Karimova has remained in an Uzbek prison since 2019 after violating the terms of her house arrest stemming from separate domestic extortion and embezzlement convictions.
