Lombard Odier and the Karimova assets

Read the PDF edition (3 pages)

The most recent major bank case was decided on 27 July 2026. The OAG had charged Gulnara Karimova, daughter of the late president of Uzbekistan, with participation in a criminal organization, qualified money laundering and passive bribery, together with a Russia-based co-defendant, a former account manager of Bank Lombard Odier and the bank itself. The Criminal Chamber discontinued the proceedings against Karimova and the co-defendant because of procedural impediments, Karimova being detained in Uzbekistan and the co-defendant unable to travel to Switzerland. It convicted the former account manager of qualified money laundering in connection with deposits exceeding USD 120 million and withdrawals of more than USD 20 million, and sentenced him to 24 months' imprisonment, suspended. It convicted the bank under Article 102 SCC and fined it CHF 3 million. It ordered the confiscation of more than CHF 400 million in assets in Switzerland that it found to be proceeds of money laundering or subject to the power of disposal of the criminal organization known as the "Office", which had channelled bribes from telecommunications companies to Karimova. The judgment was not final.¹

Ticino cases of the same period

Several judgments of the court in the same period concerned Ticino professionals or Italian clients. On 6 June 2023 the Criminal Chamber convicted a Ticino fiduciary of insufficient diligence in financial transactions under Article 305ter SCC in 15 of 18 counts, as well as of repeated forgery and repeated deception of the authorities, and imposed a suspended monetary penalty of 270 daily units of CHF 310. The case had returned to Bellinzona after the Federal Supreme Court had rejected the earlier conviction for money laundering and remanded the case for assessment under Article 305ter SCC.² On the same day the court convicted an Italian national of money laundering and forgery after a remand.³ On 27 October 2023 the Appeals Chamber largely confirmed the conviction of an Italian former external asset manager who had made high-risk investments against the mandates of Swiss and Italian clients of a Swiss bank, later bankrupt, in order to retain retrocessions due to them. It reduced the sentence to 30 months, of which six months unconditional.⁴ Chapter E.III discussed the regulatory background of such cases for independent asset managers.

Case Judgment Outcome Status Credit Suisse 27 June 2022; Fine of CHF 2 million at first Not (Bulgarian 3 March instance; UBS acquitted on appeal final organization) 2026 UBS as successor 8 April 2026 Proceedings against bank Not (Mozambique loans) discontinued final Private bank and 15 December Bank fined CHF 3.5 million; both Not former CEO (EUR 2021; 28 June acquitted on appeal final 194 million) 2023 when publish ed Lombard Odier 27 July 2026 Fine of CHF 3 million; over CHF Not (Karimova) 400 million confiscated final

Source: press releases of the Federal Criminal Court cited in this section.

Notes

Federal Criminal Court, press release on judgment SK.2023.42, 27 July 2026, https://www.bstger.ch/de/media/comunicati-stampa/2026/2026-07-27/1578.html. The persons and the bank concerned are presumed innocent until the judgment is final. ↩
Federal Criminal Court, press release on judgment SK.2022.2, 6 June 2023, https://www.bstger.ch/de/media/comunicati-stampa/2023/2023-06-06/1343.html, with the anonymized operative part at https://www.bstger.ch/uploads/2023-06-07_Dispositivo_anonimizzato_-_SK.2022.2.pdf. ↩
Federal Criminal Court, press release on judgment SK.2022.3, 6 June 2023, listed at https://www.bstger.ch/de/media/comunicati-stampa/2023.html. ↩
Federal Criminal Court, press release on judgment CA.2022.24, 30 October 2023, https://www.bstger.ch/de/media/comunicati-stampa/2023/2023-10-30/1375.html (first-instance judgment SK.2020.27). ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.

English

Contact

Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

Get in touch →

Lombard Odier and the Karimova assets

Ticino cases of the same period

Notes

Setting up or expanding in Switzerland?