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Missed Red Flags: Leak Exposes Swiss Asset Management Firm’s Work for Clients Accused of Fraud and Corruption

A data leak from Finaport, an asset manager based in Zurich, shows the firm worked with clients that included politically exposed persons, two Russians accused of embezzling funds from a bank they owned, and a businessman accused of insurance fraud.

Key Findings

A data leak in 2022 from Finaport shows that this asset management company provided services to clients who were embroiled in legal scandals at the time.

A Finaport client withdrew more than $500 million from an account at a Russian bank that later collapsed.

Another client established bank accounts under an alternative identity and moved money into it despite concerns raised by banking compliance.

Finaport also worked with a businesswoman who was the romantic partner of the head of a Russian state-owned firm which has supported the war effort in Ukraine.

On the surface, the client roster of the boutique Swiss investment firm Finaport Holding might appear exceptionally clean.

Between 2017 and 2019, the company — which manages bank accounts, companies, and other assets for its wealthy clients — filed just two alerts of suspicious transactions to the Swiss regulator, according to an internal audit.

Yet over that same period, Finaport represented over a dozen clients who had high-level political connections, were accused of corruption, or were facing criminal charges.

These customers included a former Afghan minister fired amid corruption accusations, a Peruvian politician connected to the massive “Car Wash” bribery scandal, and the son of a former Uzbekistan intelligence chief. But many of those with the clearest red flags were Russian.

Finaport said the information in the leak was an “arbitrary, out-of-date and incomplete selection,” and that “drawing conclusions from it for Finaport’s business activities leads to false and/or misleading insinuations.”

https://www.occrp.org/en/investigations/missed-red-flags-leak-exposes-swiss-asset-management-firms-work-for-clients-accused-of-fraud-and-corruption