SWISS BANK HAS LAW FIRM LOOK AT PANAMA MATTHIAS KRULL ACCOUNTS

Swissinfo on 2nd October reported that Julius Baer has turned to a US law firm, Quinn Emmanuel Urquhart & Sullivan LLP, to help scour the accounts of convicted banker Matthias Krull, who pleaded guilty in August to helping launder $1.2 billion from Venezuela’s state-owned oil producer, Petroleos de Venezuela SA.  Krull is German, and was working in Panama when he committed the crimes.  Krull is said to be co-operating with investigators, who are also looking into Venezuelan President Nicolas Maduro, his 3 stepsons, and Raul Gorrin, owner of the Globovision television network in Venezuela.  The investigation could take 6 months and cost more than $20 million, the article says.  Julius Baer has asked the law firm to review more than 500 accounts worth more than $500 million that Krull managed to determine if he acted alone or if he had help from other employees.  In 2016, in a separate case, deferred-prosecution agreement, Julius Baer paid $547 million and agreed to co-operate with any US government agency to flag all criminal conduct by its employees for any violations of federal law, and 2 bankers pleaded guilty.  Finma, Switzerland’s financial regulator, is said to be monitoring the bank’s review.

https://www.swissinfo.ch/eng/julius-baer-has-law-firm-look-at-panama-banker-accounts/44440104

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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