By Maya Lester KC & Michael O’Kane

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. Judgment here. The Court held that because Mr Vekselberg, a US SDN, owns Lamesa Holdings, and the securities …

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About Michael O'Kane

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Michael is Senior Partner at Peters & Peters LLP. He has acted in many of the most high profile and sensitive business crime cases of the last 25 years, at Peters & Peters LLP...

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