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World premiere in Zurich: For the first time, the Putin enrichment system sits at the head of a court, at least indirectly. Media attention to this process is accordingly high not only in Switzerland but worldwide.
Officially, Russian President Vladimir Putin (70) is considered a low-paid politician with an income of just over 100,000 francs and not much wealth. Unofficially, he must have assets of billions of francs, including luxury villas and luxury yachts.
Four bankers on the pier
Only: No one knows for sure, because assets are so well hidden in nested company structures distributed all over the world. A large number of straw men manage the money that actually belongs to the powerful warlord in the Kremlin. The banking relationship of the straw man, cellist and conductor Sergei Roldugin (71) will be heard in the Zurich District Court on Wednesday.
Cellist and conductor Sergei Roldugin (71) was known to very few outside the music world until a few years ago. That changed with the disclosure of the so-called Panama Papers, in which Roldugin suddenly became the center of attention as the possible mastermind of a complex corporate network. As an entrepreneur, he is said to control the media and arms companies and manage a significant portion of Russian President Vladimir Putin’s fortune. But Roldugin prefers to present himself as a modest musician, not a business man, as he once told the New York Times. The cellist also enjoys playing a Stradivari instrument, which is estimated to be worth around 12 million Swiss francs. Roldugin and Putin have known each other since they were little. The musician belongs to the close circle of the Kremlin boss, the goddess of Putin’s eldest daughter Maria.
Cellist and conductor Sergei Roldugin (71) was known to very few outside the music world until a few years ago. That changed with the disclosure of the so-called Panama Papers, in which Roldugin suddenly became the center of attention as the possible mastermind of a complex corporate network. As an entrepreneur, he is said to control the media and arms companies and manage a significant portion of Russian President Vladimir Putin’s fortune. But Roldugin prefers to present himself as a modest musician, not a business man, as he once told the New York Times. The cellist also enjoys playing a Stradivari instrument, which is estimated to be worth around 12 million Swiss francs. Roldugin and Putin have known each other since they were little. The musician belongs to the close circle of the Kremlin boss, the goddess of Putin’s eldest daughter Maria.
Specifically, the question of whether Gazprombank Switzerland’s management floor was looked at closely enough when Roldugin opened two accounts at the bank in 2014. Or did the four bankers sitting on the quay before the district court turn a blind eye to his Putin friend’s banking affair? A banking relationship that lasted until 2016. So they violated their duty of care? The public prosecutor is seeking a seven-month prison sentence with parole for accusing them – and therefore.
Because the four bankers had to understand that the usufructuary owner of two accounts, from which tens of millions of francs flowed in two years, could not be a cellist. They should have realized that Roldugin was a stickman in Putin’s favor.
System Putin as relief
Three of the four defendants are Russian and currently working at the bank, which has been in liquidation since October 2022. The fourth is Swiss. All four feel innocently accused without further comment on the prosecution’s allegations. Only two of the Russians complained about their personal situation and the threat of damaging their reputation. One thing is certain: if they are convicted, none of them will ever find a job in a bank, neither in Switzerland nor abroad.
Interesting: Defense lawyers justified their clients’ innocence with the Putin system and the “favorite system” surrounding the powerful monarch in the Kremlin. In this system, it is quite possible that close friends and relatives will find millions. A wealth that can explain the flow of money through accounts. One of the lawyers said this proved his client’s innocence, although it would be “condemned”.
Decision at the end of March
Moreover, the prosecution relied only on circumstantial evidence, but failed to provide any evidence that the bankers had indeed acted recklessly.
If the four defendants are indeed convicted, that sends a signal to the entire financial centre. Because that means banks need to take a closer look at who they want to engage in client relationships with. Judge Sebastian Aeppli (64), known for the case against former Raiffeisen boss Pierin Vincenz (66), will announce the verdict on March 30.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
