Unhindered, Putin’s cellist friend moved millions through Gazprombank Switzerland. Now bankers are on trial.
There is a lot of music in this story. The fact that the case is only being heard today seems almost coincidental. Because the traces go far back and were visible much earlier.
Under the name of «Russian Laundromat» a huge money laundering system was uncovered in August 2014 by the research network OCCRP. With branches to Switzerland. Astronomical sums – estimates range from $20 billion to $80 billion – have been moved out of Russia.
Cellist plays to Putin’s sheet music
The name of Sergei Roldugin came into play in the course of the publication of the “Panama Papers”, which uncovered shady financial flows towards offshore destinations. A cellist, conductor and childhood friend of Vladimir Putin. A musician who moved a surprising amount of money.
Legend:
Actually, Sergei Roldugin deftly moves his fingers on the cello. But the musician also moved a surprising amount of money to Switzerland via Gazprombank.
IMAGO / ITAR-TASS / Sipa USA
The “Panama Papers” triggered an investigation by the Swiss financial market supervisory authority Finma, which then launched an investigation into over 30 Swiss banks – including Gazprombank Switzerland. In your In its final report in spring 2018, FINMA stated “that Gazprombank Switzerland had seriously violated the due diligence requirements of the Money Laundering Act between 2006 and 2016”.
Serious breaches of duty of care
The list of omissions reads as follows: incorrect risk categorization of their business relationships, business relationships and transactions were not carried out with the necessary depth and care, adequate documentation was missing, no suspicious activity reports to the money laundering reporting office.
With the conclusion of the procedure, Finma forbade the bank to accept new private customers. Gazprombank has now ceased operations in Switzerland.
Legend:
Four Gazprombank bankers are on trial: the accused opened and maintained two accounts for Sergei Roldugin between 2014 and 2016.
KEYSTONE/Linda Graedel
Now the former boss, two other members of management and a customer advisor are on trial. You should have followed the money trail. Have to clarify whether the virtuoso cellist is really the economic beneficiary and have to request the relevant documents. But they haven’t done that enough.
Prosecution in a sensitive political environment
The court has announced the verdict in the case for March 30. The presumption of innocence applies to the accused until the final verdict.
In view of the complexity of the whole case, the indictment from the Zurich public prosecutor’s office is surprisingly thin at 18 pages. It is dated last November. Late, but just in time – before the statute of limitations. And five years after Finma had already disclosed the deficiencies at the bank in its final report.
Legend:
Media frenzy in front of the district court in Zurich: the proceedings against four employees of Gazprombank Switzerland are attracting a great deal of international interest.
KEYSTONE/Ennio Leanza
International interest in this process and its outcome is great. Russia’s war of aggression in Ukraine has given the case new explosiveness and topicality. Journalists traveled from New York, London and Munich. The whole world is now watching how the Swiss judiciary is handling the case involving Putin’s cello friend.
The extent to which this will change Switzerland’s tarnished reputation as a hub for crooked business and financial flows will soon become apparent from the international reporting on this case.