The repercussions of these notifications were severe. In 2022, German authorities initiated investigations against Usmanov based on UBS's alerts. This resulted in searches of the billionaire's properties, including his real estate in Bavaria and his luxury yacht, "Dilbar." The ensuing media coverage of these investigations further exacerbated the situation, leading to expanded sanctions against Usmanov.
Breach of Confidentiality and Legal Violations
Usmanov's legal team contends that UBS Europe SE breached its Banking Services Agreement and violated strict bank secrecy rules. They accuse the bank of making false statements and compromising Usmanov's confidentiality and privacy rights. These actions allegedly not only damaged Usmanov's reputation but also inflicted substantial financial losses due to the sanctions and adverse publicity generated by the investigations.
"Contrary to the Banking Services Agreement and bank secrecy rules, UBS breached the confidentiality of customer information, made false statements, and grossly violated general privacy rights," stated Usmanov's lawyer, Stephanie Rabenau.
Peter Gauweiler, another representative of Usmanov, emphasized the severe impact of UBS's actions, likening the potential consequences to a tsunami. He highlighted that it is currently challenging to quantify the exact financial damages incurred by Usmanov as a result of the bank's alleged misconduct.
"The consequences for UBS could be compared to the consequences of a tsunami," remarked Peter Gauweiler, emphasizing the gravity of the situation for the bank.
Comments (0)