Former Russian oil boss sues Geneva bank for ‘kickback scheme’
Sergei Bogdanchikov, the former boss of state-owned oil company Rosneft, has filed a lawsuit in New York alleging a senior executive at Edmond de Rothschild conspired in an embezzlement scheme that cost him over $80 million (CHF73 million).
This content was published on
2 minutes
swissinfo.ch/gw
Русский
ru
Бывший глава «Роснефти» подал иск против банка «Эдмон де Ротшильд»
According to a court filing made this week at New York state court that was seen by the Le Temps newspaper and reported in the Financial Times, Bogdanchikov alleges he entrusted some $150 million to a Luxembourg subsidiary of the Swiss private bank in 2001. Fifteen years later, he discovered more than half of that fortune had evaporated.
The case alleges a senior bank executive conspired with Eastern Europeans based in Brooklyn to defraud Bogdanchikov, all with the help of Mossack Fonseca, the law firm forced to shut down in 2018 after the Panama Papers revealed it was involved in international money laundering.
The former oil tycoon claims Edmond de Rothschild funneled his funds to New York-based firms that lost money on bad investments and charged excess fees that were then kicked back to the senior executive and the bank. Falsified statements showed the value of his funds was growing when this was not the case, the case alleges.
Bogdanchikov, who was director-general of Rosneft from 1998 to 2010, reportedly filed a legal complaint in Luxembourg and Switzerland, to no avail. He is said to be claiming more than $100 million in damages in the New York case.
Edmond de Rothschild, a family-owned bank set up 250 years ago, declined to comment to Le Temps and the Financial Times.
New gel developed in Zurich renders alcohol harmless
This content was published on
A newly developed gel composed of whey proteins breaks down alcohol in the body and could reduce its harmful and intoxicating effects in humans.
Pro-Palestine protests extend to Basel and Fribourg universities
This content was published on
Demonstrators called for an academic boycott of all Israeli institutions and disassociation with Chaim Weizmann, the first Israeli president.
This content was published on
In many cases, China's use of AI undermines the national security of the US and its allies, according to a US government representative.
Swiss Hells Angels trial alleges rape and money laundering
This content was published on
An allegedly high-ranking member of the Hells Angels is accused of money laundering totalling millions and rape, among other serious crimes.
SWISS is airline ‘group flagship’ says Lufthansa boss
This content was published on
Despite challenges, Lufthansa and its most important subsidiary, Swiss International Airlines, promise increased satisfaction and continued growth.
Swiss rediscover communist zeal after 84-year hiatus
This content was published on
Over 300 participants founded the Revolutionary Communist Party (RKP) at its congress in Burgdorf in canton Bern at the weekend.
This content was published on
Nemo brought the Eurovision Song Contest to Switzerland with a victory on Saturday evening in Malmö, Sweden. It is Switzerland's third victory in the history of the music contest.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Ariane de Rothschild: ‘I’m just the one taking the heat’
This content was published on
The chief executive of the Geneva-based Edmond de Rothschild bank has come to wield controversial authority within the famous family.
This content was published on
More details from the so-called Panama Papers were released on Monday by the International Consortium of Investigative Journalists (ICIJ). The documents were leaked from the Panamanian law firm Mossack Fonseca. The papers show that 1,339 Swiss lawyers, financial advisors and other middlemen had set up more than 38,000 offshore entities over the last 40 years.…
This content was published on
Switzerland is one of the few countries to actively enforce efforts to combat bribery of foreign officials but it still has work to do.
Rothschild branches settle dispute over family name
This content was published on
The Swiss and French banks owned by two branches of the Rothschild dynasty of financiers have settled a years-long dispute.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.