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 (CHF73 million).
This content was published on
2 minutes
swissinfo.ch/gw
Русский
ru
Бывший глава «Роснефти» подал иск против банка «Эдмон де Ротшильд»
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.
Popular Stories
More
Swiss Politics
In Switzerland, New Year brings ‘burka ban’ and pension hikes
Switzerland adopts EU rules to curb illegal air entry into Schengen
This content was published on
The Swiss government has approved EU rules on sharing passenger information to prevent air passengers from illegally entering the Schengen area.
Swiss skier dies after accident on Bernese Oberland slopes
This content was published on
An 80-year-old Swiss man died on Monday following an accident on a marked piste in the Adelboden-Lenk ski area in the Bernese Oberland.
International and Swiss experts call for new obesity guidelines
This content was published on
A group of global experts, including Swiss doctors, has issued a report calling for a new definition of obesity that goes beyond BMI.
Iran and EU discuss nuclear issues, Russia and the Middle East in Switzerland
This content was published on
After meeting with French, German, and British representatives on Monday, Iran continued its talks with the EU representative in Geneva.
This content was published on
Lucerne-based steelmaker Swiss Steel has confirmed it will cut 130 jobs in Emmenbrücke, despite the emergency aid promised by Switzerland’s parliament.
Swiss SGS and French Bureau Veritas eye $35 billion merger
This content was published on
The Swiss inspection firm SGS has confirmed it is in talks with the French company Bureau Veritas about a potential merger of nearly $35 billion.
European committee raises alarm over police violence in western Switzerland
This content was published on
A Council of Europe committee is concerned about police practices in western Switzerland, citing “allegations of physical mistreatment” against detainees.
WEF: Trump to speak virtually, Zelensky to appear in person
This content was published on
US President-elect Donald Trump will attend this year's annual meeting of the World Economic Forum (WEF) in Davos via video conference. He is scheduled to speak on January 23.
Coop washes its hands of The Body Shop in Switzerland
This content was published on
The Body Shop is facing closure in Switzerland. Retailer Coop is no longer extending the franchise agreement for its cosmetics subsidiary.
Three out of ten Ukrainian refugees in Switzerland have a job
This content was published on
More and more refugees from Ukraine have a job in Switzerland. The employment rate of people with protection status S was just under 30% at the end of 2024.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Ariane de Rothschild: ‘I’m just the one taking the heat’
This content was published on
The chief executive of the Geneva-based Edmond de Rothschild bank has come to wield controversial authority within the famous family.
This content was published on
More details from the so-called Panama Papers were released on Monday by the International Consortium of Investigative Journalists (ICIJ). The documents were leaked from the Panamanian law firm Mossack Fonseca. The papers show that 1,339 Swiss lawyers, financial advisors and other middlemen had set up more than 38,000 offshore entities over the last 40 years.…
This content was published on
Switzerland is one of the few countries to actively enforce efforts to combat bribery of foreign officials but it still has work to do.
Rothschild branches settle dispute over family name
This content was published on
The Swiss and French banks owned by two branches of the Rothschild dynasty of financiers have settled a years-long dispute.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.