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Russian oligarch Usmanov sues UBS subsidiary
17.06.2024, 16:29
The Swiss major bank UBS is said to have filed more than a dozen complaints against Alisher Usmanov for money laundering – according to his lawyers, the reports are illegal. The billionaire suffered considerable financial losses as a result. Usmanov is now filing a lawsuit.
The Russian-Uzbek billionaire Alisher Usmanov has filed a lawsuit against the UBS subsidiary UBS Europe SE in Frankfurt. Unsubstantiated reports by the Swiss major bank about his transactions triggered an investigation against Usmanov, his lawyers explained the move.
According to its own information, the law firm Gauweiler & Sauter filed a lawsuit against UBS Europe SE at the Frankfurt am Main Regional Court to determine claims for damages due to breach of contract and unlawful conduct. UBS declined to comment.
“The subject of the lawsuit is unlawful reports by UBS Europe SE to the Financial Intelligence Unit of the General Customs Directorate about allegedly suspicious transactions by Mr. Usmanov, which led to criminal investigations against him.”
In 2015, UBS offered to act as Usmanov’s bank to set up and manage his accounts in Germany. Between 2018 and 2022, the bank then filed more than a dozen reports of suspected money laundering. As a result, Usmanov suffered significant financial losses.