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Swiss Court Tries Uzbek Oligarch Gulnara Karimova In Absentia

4/28/2026

Summary

Karimova Absent Trial

Swiss federal criminal court in Bellinzona opened an absent-in-presence trial of Gulnara Karimova on Monday.
Prosecutors allege Karimova led “The Office,” moving hundreds of millions of illicit funds through Switzerland and other jurisdictions, and indicted Swiss private bank Lombard Odier and a former employee for helping conceal the proceeds.
The proceedings continue until May 22, 2026 while Karimova, 53, serves a 13-year sentence in Uzbekistan and is unable to attend.

Summary

Karimova Money Probe

U.S. authorities estimated that Gulnara Karimova’s network extracted over $865 million in illicit payments from telecom giants Telia, VimpelCom and MTS.
Swiss prosecutors cited earlier penalties against Credit Suisse, Banque Pictet & Cie and Bank J. Safra Sarasin as precedents that could pressure Swiss banks to tighten anti-money-laundering controls.
A United Nations working group labeled Karimova’s detention in Uzbekistan since 2014 as arbitrary, adding a human-rights dimension to the case.

Summary

Swiss Authorities Seize

Swiss authorities seized about 800 million Swiss francs, one of the country’s largest corruption-related asset seizures.
The Attorney General said Lombard Odier’s guidelines were overly numerous and confusing, blocking effective monitoring.
A former asset manager opened nine accounts for Uzbek beneficiaries from 2008-2012, knowing Gulnara Karimova was the ultimate beneficiary.
Investigators said the employee met criminal-organization members in 2006, prompting calls for Swiss banks to overhaul compliance.

History

Historical Context

UBS’s $780 million U.S. tax-evasion settlement on 18 February 2009 triggered Swiss regulators to amend banking-secrecy rules in 2013, while Credit Suisse later paid a €150 million settlement for similar failures. Those precedents underpin today’s Swiss Federal Criminal Court prosecution of former Uzbek minister Gulnara Karimova, showing continued pressure on Swiss banks to enforce AML compliance.

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Karimova Absent Trial

Swiss federal criminal court in Bellinzona opened an absent-in-presence trial of Gulnara Karimova on Monday.
Prosecutors allege Karimova led “The Office,” moving hundreds of millions of illicit funds through Switzerland and other jurisdictions, and indicted Swiss private bank Lombard Odier and a former employee for helping conceal the proceeds.
The proceedings continue until May 22, 2026 while Karimova, 53, serves a 13-year sentence in Uzbekistan and is unable to attend.

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