Switzerland to confiscate Gulnara Karimova’s illegal assets worth $686 million

A press event is being held in the Ministry of Justice on the ongoing work on the return of assets acquired by criminal means and exported to foreign countries by some citizens of Uzbekistan. In particular, the restitution agreement signed between the Republic of Uzbekistan and the Swiss Confederation on August 16 of this year aimed at returning the assets previously belonging to Gulnara Karimova is being discussed.

It is noted that as a result of the cooperation and extensive joint efforts of the law enforcement agencies of the Republic of Uzbekistan and the Swiss Confederation, cases of confiscation of the assets of Gulnara Karimova and the members of the organized criminal group led by her were transferred to the Swiss judicial authorities.

The total amount to be recovered depends on the ongoing criminal proceedings, but is estimated at $686 million.

These cases were heard in the Swiss courts, and approximately $336 million were confiscated. It has been decided that $131 million will be returned to Uzbekistan, and the fate of $205 million is being finalized.

Currently, additional $350 million is expected to be confiscated in Swiss courts.

“On August 16 of this year, an agreement “On ways to return illegally acquired assets confiscated on the territory of the Swiss Confederation in the interests of the population of the Republic of Uzbekistan” was signed between the Republic of Uzbekistan and the Swiss Confederation.

Effective cooperation with the Ministry of Justice and authorized agencies of the Republic of Uzbekistan and the MIA of Switzerland and interested ministries with the participation of the UN, as well as thorough work and several rounds of negotiations took place before concluding this agreement.

This agreement determines the return of illegally acquired assets worth approximately $131 million to Uzbekistan, the main principles, mechanisms and objectives of the return.

In particular, the return of the funds will be carried out through the UN multi-partnership trust fund so-called Uzbekistan Vision 2030 Fund,” the press secretary of the Justice Ministry said in its Telegram channel.

It is planned that the returned funds will ultimately be directed to the social sector, mainly for the development of healthcare and education.