Category: Courts & Authorities

PDVSA: US investigates embezzlement of 4.5 billion dollars via Switzerland

In March 2018, the United States Department of Justice (DOJ) sent a request for legal assistance to Switzerland in connection with the PDVSA scandal. Stemming from that request, the Federal Supreme Court has revealed that the American investigation covers the misappropriation of more than 4.5 billion dollars “mainly through accounts opened in Switzerland”. In a decision made public on May 27, …

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Accommodated by the EU, Ivanyushchenko remains on Swiss sanctions list

Former Ukrainian MP Yuriy Ivanyushchenko has failed in an attempt to have his name removed from the Swiss sanctions list targeting allies of former president Viktor Yanukovych, ousted in 2014. Currently being investigated for fraud by the Office of the Attorney General of Switzerland, Ivanyushchenko lost his appeal to the Federal Administrative Court. The fact that the European Union chose to remove Ivanyushchenko’s name …

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Spanish tax authorities fail to pin down Swiss watchmaker Marzio Villa

The Spanish authorities suspect that the owner of the Swiss watch brand Cuervo y Sobrinos, who is officially resident in the Swiss canton of Ticino, is actually living in Spain and should be taxed there. However, the Federal Administrative Court has rejected the Spanish request for legal assistance, citing lack of supporting evidence. Of Italian origin, Marzio …

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Criminal investigation into founder of Swiss cryptocurrency Giracoin to remain closed

At the end of 2016, the State Secretariat for Economic Affairs (SECO) filed a fraud complaint against one of the founders of Giracoin, the newly launched cryptocurrency which was attracting positive media coverage. The Public Prosecutor’s Office of Nidwalden closed the investigation one year later, a decision just confirmed by the Federal Supreme Court. Launched in 2016 at the height …

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Swiss courts rule in favour of Vladimir Gusinsky in Russian TV rights case

Four years have passed since the Russian tax authorities requested legal assistance from Switzerland regarding a company controlled by the Russian media magnate Vladimir Gusinsky. The Federal Supreme Court had just ended the matter with its answer – nyet. Switzerland will not respond to the questions sent by Russia’s Federal Tax Service about Zug-based New Century Distribution GmbH. The Federal Supreme Court upheld …

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Switzerland grants request from former Romanian prosecutor Laura Kövesi

A Swiss lawyer has failed in a Federal Supreme Court bid to block a request for legal assistance from Romania. The lawyer cited accusations by the Romanian authorities against the country’s former chief prosecutor, Laura Codruța Kövesi, current favourite in Brussels to head the new European Public Prosecutor’s Office. Switzerland’s highest court flatly rejected the arguments against Kövesi. …

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Geneva trading company Bunge SA settles a 2.5 million internal fraud case

A former employee of Bunge SA trading company and two accomplices managed to siphon off 2.5 million francs of company money in a sophisticated fraud before being caught. The three men have since reached an agreement with Bunge to return the money, while the Public Prosecutor’s Office of Geneva opted for a suspended fine. The affair has ended rather …

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Advisor to Beny Steinmetz suspected of corruption in Romania

Switzerland will hand over information to the Bucharest authorities pursuing an investigation into the Israeli political advisor Tal Silberstein. A Federal Supreme Court decision reveals that Silberstein is suspected of corruption in connection with the 2009 presidential election in Romania. Silberstein was arrested in Israel at the end of 2016 along with the French-Israeli billionaire Beny Steinmetz, founder of …

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Zurich authorities investigate trusts run by Neupert Vuille Partners law firm

Zurich public prosecutor’s office raided the offices of the law firm Neupert Vuille Partners in May 2017, a Federal Supreme Court judgement reveals. The case concerns two trusts based in Liechtenstein, Admintrust Verwaltungs Anstalt and Lopag Trust reg. Three lawyers from Neupert Vuille Partners applied for the documents seized by the Zurich authorities to be sealed. One of the lawyers is …

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Russia to receive information regarding ownership of mysterious Swiss company

The Federal Supreme Court has cleared the way for the Swiss authorities to grant administrative assistance to Russia as part of a tax investigation involving a Swiss company linked to Moscow coal magnate Ruslan Rostovtsev. The request from the Russian Federal Tax Service sought to identify the beneficial owner of Zug-based company Kaproben Handels AG. The authorities in Moscow claimed …

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