High Court Upholds Bankers' Convictions in Putin-linked Case

Switzerland's Federal Supreme Court has upheld convictions against four bankers for failing to exercise due diligence in financial transactions linked to Sergey Roldugin, a close associate of Russian President Vladimir Putin. The accountants were found guilty by Zurich's District Court in March 2023 for not verifying the source of funds deposited by Roldugin.

Switzerland's top court has upheld convictions against four former Gazprombank employees for neglecting due diligence in financial dealings. The bankers, including three Russians and one Swiss, were found guilty by Zurich's District Court for not confirming the true source of funds opened by Sergey Roldugin, a known associate of Vladimir Putin.

The Supreme Court clarified that despite documents naming Roldugin as the beneficial owner, serious doubts persisted given his close Putin connection. The ruling signifies that the true owner of these funds remains unidentified, resulting in a criminal offense by the bankers.

Gazprombank expressed disappointment, emphasizing the added uncertainty in due diligence norms application. The court case further highlighted irregularities in the bank's operations from 2014 to 2016, when Roldugin deposited millions in Swiss accounts, casting shadows over his actual financial status.