In December 2016, an investigation was opened in Switzerland against Banque Lombard Odier & Cie (the "Bank") for alleged money laundering in relation to what has become known as the "Uzbek case".
The events under review date back more than fifteen years and have already been extensively reported in the media. The underlying case began after a proactive reporting of suspicions to the Swiss authorities (MROS) made by Lombard Odier in 2012. The proceedings have been ongoing since then and the Bank has fully cooperated with the relevant authorities throughout.
The formal court hearings commenced on 27 April 2026 at the Swiss Federal Criminal Court in Bellinzona. On 28 April, the Court dismissed the proceedings against the principal defendants, citing fundamental procedural obstacles after nearly fifteen years of investigation. The proceedings against the Bank and one of its former employees continue. On 4 May, the Court further ruled on several preliminary procedural questions, declaring all judgements of Uzbek courts and most evidentiary hearings conducted in Uzbekistan since the beginning of the proceedings inadmissible as evidence. Both decisions of the Federal Criminal Court illustrate the fundamental challenges affecting the current proceedings. The hearings are expected to continue until the end of May, with a judgement likely to be reached in the following months.
Importantly: the Swiss prosecutor is not claiming that Lombard Odier knowingly or willingly participated in any money laundering activity. The claims raised against the Bank pertain to alleged organisational shortcomings in relation to the effective prevention of money laundering. The Bank firmly refutes these allegations and is defending itself vigorously at trial.
The proceedings have no impact on the Bank's operations. We remain fully committed to compliance with all relevant laws and regulations, and to serving our clients with the highest standards of professionalism, integrity and long-term dedication.
This is a marketing communication issued by Bank Lombard Odier & Co Ltd (hereinafter “Lombard Odier”).
It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication.
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