The founder of USM Holdings, Alisher Usmanov, filed a lawsuit in the Regional Court of Frankfurt am Main against the branch of UBS Europe bank in Germany. This was announced by lawyer Stefanie Rabenau, who represents the entrepreneur's interests.
The plaintiff believes that in 2018-2022, the bank sent a “series of unfounded notifications” to the financial authorities of the Federal Republic of Germany about allegedly conducting suspicious financial transactions, which provoked “politically motivated investigations against it,” Kommersant writes.
The statement clarifies that UBS Bank sent “more than a dozen absurd and unfounded, if not deliberately false notifications” to the financial monitoring department of the General Directorate of Customs of Germany. These included notices alleging “money laundering” in cash withdrawals and rental payments. At the same time, the bank did not present any facts to confirm its suspicions, the lawyer notes.
In addition, in 2022, UBS notifications became the reason for launching an investigation against Alisher Usmanov in Germany. During it, searches were carried out throughout the country, including at real estate in Bavaria and the Dilbar yacht, “which the investigation erroneously attributes” to Usmanov.
“Contrary to the rules of the banking service agreement and bank secrecy, UBS violated the confidentiality of customer data, disseminated false statements about it, and also grossly violated general individual rights. Violations of the agreement by the bank led to financial losses and colossal damage to the reputation of A. B. Usmanov... In essence, UBS acted as an instigator and accomplice in the illegal criminal prosecution of an innocent person, and also provoked the sanction of its client,” Stefanie Rabenau states.
Lawyers believe that Usmanov’s case against UBS is an unprecedented case that promises to become a law-forming case for the German banking system, and the consequences for UBS “could be comparable to the consequences of a tsunami”.
