Former Russian oil boss sues Geneva bank for 'kickback scheme'
Sergei Bogdanchikov, the former boss of state-owned oil company Rosneft, has filed a lawsuit in New York alleging a senior executive at Edmond de Rothschild conspired in an embezzlement scheme that cost him over $80 million
According to a court filing made this week at New York state
court that was seen by the Le Temps newspaper and reported in the Financial
Times, Bogdanchikov alleges he entrusted some $150 million to a Luxembourg
subsidiary of the Swiss private bank in 2001. Fifteen years later, he
discovered more than half of that fortune had evaporated.
The case alleges a senior bank executive conspired with
Eastern Europeans based in Brooklyn to defraud Bogdanchikov, all with the help
of Mossack Fonseca, the law firm forced to shut down in 2018 after the Panama
Papers revealed it was involved in international money laundering.
The former oil tycoon claims Edmond de Rothschild funneled
his funds to New York-based firms that lost money on bad investments and
charged excess fees that were then kicked back to the senior executive and the
bank. Falsified statements showed the value of his funds was growing when this
was not the case, the case alleges.
Bogdanchikov, who was director-general of Rosneft from 1998
to 2010, reportedly filed a legal complaint in Luxembourg and Switzerland, to
no avail. He is said to be claiming more than $100 million in damages in the
New York case.
Edmond de Rothschild, a family-owned bank set up 250 years
ago, declined to comment to Le Temps and the Financial Times.
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