German police raid UBS over Usmanov cash laundering probe

German police have raided workplaces of the Swiss financial institution UBS in reference to a cash laundering investigation into Uzbek-born Russian billionaire Alisher Usmanov.

UBS branches in Frankfurt and Munich had been searched on Tuesday morning, state prosecutors confirmed to the Monetary Instances.

“The topic of the investigation is the preliminary suspicion of cash laundering in opposition to a businessman from the Russian Federation. The investigations usually are not aimed on the financial institution involved or its workers,” the Frankfurt prosecutor’s workplace stated.

Talking on situation of anonymity, German officers stated that Usmanov was the person focused by Tuesday’s raids, which had been first reported by Der Spiegel.

Usmanov, 69, is likely one of the world’s wealthiest males, with an estimated fortune of greater than $19.5bn, earned by way of a enterprise empire with holdings in a few of Russia’s largest mining, industrial and telecoms firms.

In addition to being the proprietor of the most important superyacht ever constructed, the $600mn Dilbar, his property embody stakes in English Premier League soccer golf equipment Arsenal and Everton. He was a former prime shareholder in Apple, Fb and Twitter.

After Russia’s invasion of Ukraine started in February, Usmanov was one of many first Russian businessmen to be hit by western sanctions, because of his shut ties to the Kremlin.

The EU described him as “one in every of Vladimir Putin’s favorite oligarchs”. Usmanov has launched authorized circumstances in Europe to problem the measures in opposition to him. These makes an attempt have thus far been unsuccessful, although the EU did elevate sanctions in opposition to one in every of his sisters in September.

“We categorically reject any allegations of cash laundering or tax evasion on the a part of Alisher Usmanov,” a spokesperson for Usmanov stated on Tuesday.

“These claims are unfounded, false and slanderous to his honour and status. Mr Usmanov is an trustworthy and law-abiding taxpayer, who has paid all due taxes in Russia. He’s additionally recognised as one of the vital beneficiant philanthropists on this planet.”

UBS didn’t reply to a request for remark.

The searches on the financial institution’s Frankfurt and Munich premises comply with two raids in September — involving greater than 250 police — at properties owned by Usmanov in Bavaria.

Prosecutors on the time stated they had been a part of an investigation into using complicated offshore holding firms to disguise illicit monetary flows value thousands and thousands of euros.

Usmanov’s European and US property have been frozen for the reason that starting of the conflict on account of sanctions in opposition to him. In March, the 156-metre-long Dilbar was seized by German authorities in Hamburg, the place it was present process refurbishment.

For months Usmanov has been within the sights of a particular activity drive arrange by the German authorities to probe the legality of property of Russian oligarchs within the nation and set off police interventions the place attainable.

Usmanov additionally owns properties within the UK, together with the £48mn Beechwood Home within the north London suburb of Highgate, and Sutton Place, the Tudor mansion in Surrey previously owned by billionaire industrialist J Paul Getty.