Switzerland's prosecutor hit the soon-to-be defunct Swiss private bank with criminal charges.
The Swiss attorney general is indicting Falcon Private Bank, which is being wound down by its Abu Dhabi owner, with money laundering, according to Swiss business outlet «Handelszeitung» (article not available online). The charges are in connection with corporate wrong-doing and organizational deficiencies from 2012 until four years ago, the outlet reported.
A spokesman for Falcon said the bank will fight. «Falcon denies the allegations made in the indictment and will defend its interests in court.» The bank disclosed the sale of its wealth assets to One Swiss Bank two weeks ago, as part of a wind-down of its activities following the 1MDB scandal.
Abu Dhabi Connection
The former CEO of Falcon, Eduardo Leemann, is also being charged, the Swiss outlet reported. A spokesman for the Swiss banker told «Handelszeitung» that «the accusations by the Swiss attorney general are completely unfounded and we reject them entirely.»
The charges appear to be in connection with a stake that Aabar Investments, the Abu Dhabi vehicle through which the oil-rich emirate controlled the wealth manager, took in Unicredit. Specifically, the charges related to the role of ex-Aabar Chairman Khadem al-Qubaisi. The executive was sentenced to 15 years imprisonment in Abu Dhabi for pilfering state money.
