Re: FYI Pictet
Ok
Key Information:
- Subject: FYI Pictet
- Parties Involved: Pictet (Geneva-based bank), Rasheed al Rushaid (Saudi businessman), Pierre-Alain Chambaz (former Pictet employee).
- Legal Issue: Al Rushaid is suing Pictet for $350 million, alleging the bank helped his former employees wash bribes through dummy companies (2006-2008).
- Status: A New York court may hear the case due to $4 million being moved through Pictet's correspondent accounts at Citibank, HSBC, and other US banks. The case has been ongoing for approximately five years.
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Geneva. And the advantage ofhaving the case investigated in the New York is that it won't be prescribed.
No Comment From Pictet
The appeals court determined that the Pictet correspondent accounts in the U.S. played an important role in the money-laundering system. Pictet had argued against on grounds that the role of these accounts had been passive.
The bank presumably had hoped the case would eventually be prescribed. Pictet didn't respond to a request for information by finews.ch.
Jean-Christophe Pernollet
Edmond de Rothschild
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