Close to Putin: oligarch Alisher Ousmanov sues UBS

– Russian oligarch Alisher Ousmanov sues UBS

The Russian billionaire files a complaint against UBS in Germany for having transmitted reports to the police, as part of an investigation into money laundering.

Published today at 2:20 p.m.

Russian President Vladimir Putin (right) and USM Holdings founder Alisher Usmanov (left).

AFP/Mikhail KLIMENTYEV

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Russian oligarch Alisher Ousmanov said on Monday that he had initiated action in Germany against the Swiss bank UBS, which he accuses of having transmitted information he considers erroneous, as part of an investigation into money laundering presumed to be carried out by the country’s justice system.

Mr Ousmanov “filed action against UBS” before the court in Frankfurt, where the bank has its European headquarters, for “a series of unfounded reports that UBS sent to financial authorities”, having “triggered a political investigation into against him,” said his lawyer.

In detail, the billionaire, reputed to be close to Russian President Vladimir Putin, criticizes UBS for having transmitted to the police “more than a dozen reports dating between 2018 and 2022”, which he describes as “absurd, without basis, if not knowingly false”.

“Obligation of confidentiality” violated

By sharing this information, Mr. Ousmanov believes that the bank has “violated its obligation of confidentiality”, the “personal rights” of its client and “the banking contract”.

It also states that by having “spread misleading allegations”, the bank provided to “open an investigation” and “extend the sanctions” of the European Union against it, which “caused it financial losses and a enormous damage in terms of reputation,” according to his lawyer.

Mr. Usmanov is one of dozens of Russian billionaires hit by Western sanctions since the Russian army invaded Ukraine in February 2022.

In Germany, an investigation was opened against him for money laundering and tax evasion. At the end of 2022, UBS premises were searched in the country as part of these investigations.

Property searched

Several of his properties, notably in Bavaria (south), were also the subject of searches.

The most resounding was the seizure in 2022 of the “Dilbar”, the largest yacht in the world, estimated at around $600 million by Forbes magazine, whose ownership is attributed to Mr. Ousmanov, which he disputes.

The billionaire is also suspected of having his real estate assets monitored by a private security company, even though they were included on the sanctions list, imposing a freeze on assets.

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