Bill Browder wants to keep up the pressure on Switzerland over sanctions on Russia. The Swiss judiciary in the Magnitsky case is a disgrace, and the country must formulate its own sanctions policy.
American-British billionaire and former investor in Russia Bill Browder launched a renewed verbal attack against Switzerland and its judiciary in particular. In an interview with the newspapers of the publishing house «CH Media» (behind paywall), he said that Switzerland isn't as reliable as other US allies.
Position Revoked
He pointed out that only 7.5 billion Swiss francs ($8.6 billion) in Russian assets were frozen in Switzerland as a result of sanctions imposed in the wake of the Ukraine war.
Since 2021, Browder has been fighting against what he says was a deprivation of his status as an aggrieved party and private plaintiff by the Federal Prosecutor's Office in the tug-of-war with Russia over expropriation and alleged tax fraud after ten years. A final decision from the Federal Supreme Court in Lausanne is expected soon.
The Magnitski Affair
Browder and his investment fund Hermitage Capital were major investors in Russian companies at the beginning of the noughties. After the company's forced liquidation in Russia, its surviving shell company was misused in a $230 million tax fraud scheme. One of Browder's lawyers, Sergei Magnitsky, investigated the case, was arrested, and died in custody in 2009 under unexplained circumstances. The case has been named after him in the media.
As a result of the Magnitski affair, $18 million in funds belonging to three Russian citizens were frozen in Switzerland. Of this amount, $14 million are to be unfrozen following the closure of the investigation.
Part of the Problem
Browder says the situation is a disgrace for Switzerland, and when it comes to isolating Russia from the rest of the world, Switzerland is part of the problem, rather than part of the solution.
In the US a few weeks ago, the Congressional Helsinki Commission, at Bowder's instigation, recommended three representatives of Swiss law enforcement agencies at the time be placed on the American sanctions list. They are former federal prosecutor Michael Lauber, former federal prosecutor Patrick Lamon and an employee of the Fedpol federal police who are accused of accepting bribes and obstructing the proceedings.
Like Confiscated Gold?
During the interview, Browden drew parallels to gold looted by the Nazis languishing in Swiss banks. Back then, Switzerland had depended on US help to return the gold to Jewish families, he said. Switzerland relies on help to close secret bank accounts held by money launderers, and «even today, Switzerland stubbornly adheres to a tradition from a bygone era,» he said.
«Switzerland wants to return funds to Russian criminals. It's a crystal clear example that Switzerland hasn't changed,» says Browden and expects Switzerland to impose independent sanctions.
