Berlin, Germany – Russian billionaire Alisher Usmanov has taken legal action against UBS, accusing the Swiss bank of triggering a German investigation into his financial dealings by submitting false and baseless reports. Usmanov’s lawyers allege that UBS breached confidentiality, spread misleading information, and violated his personal rights through these reports, leading him to file a lawsuit in Frankfurt on June 7.
The lawsuit stems from UBS submitting suspicious activity reports to Germany’s Financial Intelligence Unit between 2018 and 2022, which sparked an investigation into Usmanov for potential money laundering. Despite denials from Usmanov, the EU has placed sanctions on him, citing close ties to Russian President Vladimir Putin.
In response to these allegations, UBS has chosen not to comment on the matter. Usmanov, one of the wealthiest individuals globally, is seeking damages from the bank, although the specific amount has not been disclosed. This legal battle follows a previous victory for Usmanov, where a court ruled that searches of his properties in Germany were unlawful.
Usmanov’s legal team in Munich views the raids on his properties as theatrical and believes that media reports of these events influenced the EU’s decision to impose sanctions. They argue that UBS played a role in these erroneous decisions, potentially causing significant financial and reputational harm to Usmanov.
Despite facing ongoing criminal investigations into alleged money laundering, Usmanov continues to reject any accusations of illicit activities. The conflict between Usmanov and UBS highlights a broader trend of Russian oligarchs challenging EU sanctions following the Ukraine conflict. While some have succeeded in overturning sanctions, Usmanov’s appeals have been rejected by the European Court of Justice.
As the legal battle unfolds, Usmanov’s vast fortune and business empire are at stake, with implications for his global assets and investments. The outcome of this lawsuit could have far-reaching consequences for both Usmanov and UBS, potentially impacting their standing in the international financial landscape.