UBS Group's Frankfurt and Munich offices are being searched by prosecutors as part of a money laundering investigation linked to the sanctioned Russian oligarch Alisher Usmanov, people familiar with the probe said.
The Swiss bank confirmed the raid and said it's fully cooperating with authorities, while declining to comment on the reasons for the search. The Frankfurt Prosecutor's Office said the raids are part of an investigation into alleged money laundering, without naming anyone. It stressed that no bank employees are suspects.
An Usmanov spokesman rejected any allegations of money laundering or tax evasion, saying they would be unfounded, false and defamatory. The Russian is a law-abiding and diligent taxpayer and a renowned global philanthropist, the representative said.
Der Spiegel
Usmanov is among the highest-profile Russians to be sanctioned after Vladimir Putin's decision to invade Ukraine. The businessman owns 49% of USM, a Russia-based investment group that controls Metalloinvest, Russia's largest iron ore producer. He's estimated to be worth about $18.6 billion.
Two dozen properties linked to the Russian were
Usmanov has had a client relationship with UBS since 2014 and prosecutors are looking at transactions totaling several million euros from 2017 to 2020, according to a person familiar with the matter.
The bank filed anti-money-laundering warning notes at the time with authorities. Only now, as Germany set up a task force to look into sanctioned oligarchs, investigators retrieved the filings and reviewed the transactions, according to the person.
UBS declined to comment further.
— With assistance from Steven Arons.
