Pedestrians walk through the entrance to Lombard Odier in Geneva, Switzerland.
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Lombard Odier, one of Switzerland’s oldest private banks, has been indicted by Swiss public prosecutors on charges of aggravated money laundering.
The Swiss Attorney General’s Office (OAG) said in a statement on Friday that Lombard Odier and a former bank employee were indicted in the Swiss Federal Criminal Court on Tuesday.
OAG said the suspects helped conceal the proceeds of a criminal organization founded by Gulnara Karimova. Gulnara Karimova is the daughter of Uzbekistan’s authoritarian president Islam Karimov, who died of a stroke in 2016. Karimova was indicted by the Attorney General in 2023. Money laundering resulting from criminal activities carried out in Switzerland between 2005 and 2012.
“The investigation led OAG to believe that some of the funds laundered in Switzerland may have been transferred to the Lombard Odier bank account in Geneva.The bank and one of its former relationship managers , allegedly played a decisive role in Switzerland in concealing the proceeds of ‘The Office’s’ criminal activities,” OAG said in a statement.
They have been under investigation since 2016, the prosecutor added.
Lombard Odier’s origins date back to 1796, but he denies the allegations.
The bank said in a statement on Friday: “We have taken note of the decision of the Swiss Attorney General’s Office to prosecute the bank for insufficient controls.”
“This action follows the commencement of a formal investigation into the bank that was initiated and made public in 2016. To the bank, the allegations are baseless and without merit. The bank plans to defend itself vigorously.”
The bank said the case began when Lombard Odier “actively reported suspicions to the Swiss authorities.”
CNBC reached out to Grégoire Manguy, who represented Karimova throughout her legal battle with Swiss authorities. Karimova is currently serving a prison sentence in Uzbekistan.
