Corruption Scandal in Uzbekistan: Repatriation of Proceeds Stored in Switzerland

Switzerland seized 130 million CHF ($130 million USD) from bank accounts, which were used to launder proceeds from a large-scale fraudulent scheme involving Gulnara Karimova, daughter of the deceased President of Uzbekistan and her accomplices.

The accounts were opened for one of Karimova’s partners but now, the funds deposited there will be returned to Uzbekistan. The essence of the fraudulent scheme was to collect large sums of money from foreign telecommunication companies as a mandatory condition for doing business in Uzbekistan. It is reported that five suspects are still under investigation and more than 650 million CHF remain frozen.

 

 

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