Full Breakdown
Gulnara Karimova’s Swiss Money-Laundering Trial Begins
4/28/2026, 5:44:20 AM
Core Allegations and Trial Overview
The Swiss Federal Criminal Court in Bellinzona opened a trial on 27 April 2026 against Gulnara Karimova, daughter of former Uzbek President Islam Karimov. Prosecutors allege she headed a criminal network called “The Office,” extorted bribes from telecom firms and laundered hundreds of millions of dollars through Swiss accounts from 2005-2013. The case proceeds in absentia and is slated to run until late May.
Background & Key Players
Karimova, convicted in Uzbekistan in 2014, serves a 13-year sentence for extortion, tax evasion and embezzlement. Swiss investigations began in 2012 and later added a former employee of Geneva-based private bank Lombard Odier. The bank is accused of inadequate anti-money-laundering controls, while a co-defendant identified as Karimova’s right-hand man remains at large.
Financial Scope
Prosecutors say the scheme moved “hundreds of millions of dollars” into more than 30 Swiss accounts, some via front men. Swiss authorities have frozen roughly 800 million Swiss francs of related assets. U.S. estimates put illicit payments at over $865 million, while other reports describe the total as “billions.”
Official Statements & Responses
Swiss prosecutors label the deposits “of criminal origin” and criticize Lombard Odier’s preventive measures. Lombard Odier asserts it reported the suspicious activity in 2012 and will contest the allegations. Defense lawyer Grégoire Mangeat maintains Karimova’s innocence and will seek full acquittal, citing her inability to travel from detention.
Criticism & Opposition
A United Nations working group called Karimova’s detention “arbitrary,” raising procedural-fairness concerns. Legal scholars note Swiss courts rarely hold full trials for corporate liability, suggesting the public hearing could set a precedent for cross-border corruption prosecutions.
Conflicting Reports & Gaps
Sources list the laundered sum as “hundreds of millions,” “800 million CHF seized,” “over $865 million,” and “billions.” The bank’s role is described as direct involvement or merely insufficient controls. Account counts vary between “30” and “more than 30,” and the co-defendant’s whereabouts remain unknown.
Verbatim Quotes
- “We will seek the full and complete acquittal of Gulnara Karimova,” — Grégoire Mangeat, defense lawyer
- “’” Lombard Odier, in an email, said the prosecutor doesn’t allege that the bank knowingly or intentionally engaged in money laundering, “but rather raises claims relating to alleged organizational shortcomings in prevention measures, which the bank firmly contests and will defend in court.” — Lombard Odier spokesperson
- “Lombard ?Odier said in a statement that the case began after it had itself reported suspicions on the matter to Swiss authorities in 2012.” — Lombard Odier statement
- “The bank is accused of not having taken sufficient organizational precautions to prevent money laundering.” — Office of the Attorney General indictment
Outlook: Next Steps
The court expects to finish hearings by late May, with a verdict in the subsequent months. Observers say the proceeding could become a precedent for Swiss courts dealing with corporate liability in transnational corruption cases.
