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Swiss Court says bank can refuse Vekselberg transaction because of US sanctions risk
The Zurich Commercial Court has refused an application by Lamesa Holdings (owned by Viktor Vekselberg) to require a bank to process a transaction from a securities depository account it holds at Swiss bank Julius Bär in order to repay a $160m loan. The Court held that because Mr Vekselberg, a US SDN, owns Lamesa Holdings, and the securities were denominated in …
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SwitzerlandAbout Michael O'Kane
Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...
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