The American billionaire filed a suit on UBS

11.04.2012

In U.S. District Court in Santa Ana preliminary hearings under the claim of the American billionaire of Russian origin of Igor Olenikova against Swiss UBS have begun. The former client of bank intends to seize at bank 1,7 bln. dollars for mental cruelty which UBS has ostensibly put to it, hiding within several years the account from the American tax departments.

The conflict of UBS to the client began in 2007 when Igor Olenicoff was recognized guilty of evasion from payment of taxes and received a two year suspend prison sentence also to monetary payment at a rate of 52 mln. dollars. Then the billionaire recognized that he had bank accounts in Switzerland, Liechtenstein, Great Britain and on the Bahamas.

The bank denies its fault, declaring that Igor Olenicoff perfectly knew that his bank account is secret for tax service, and also that UBS continues to hide this money from Washington whereof electronic correspondence of the businessman and other proofs testify. Having recognized the fault in assistance to clients in concealment of the capitals, UBS noted that it «never misled investors concerning legal need to disclose this information before tax authorities». Moreover, the bank warned more than once the businessman about potential criminal liability for concealment of the means. 

Expert’s opinion

«The bank UBS wholly paid for "help" to the clients hiding the income in the Swiss bank, having paid the USA a penalty at a rate of 780 mln. dollars. Probably that in this question the court will side with the respondent as Olenicoff till now couldn't prove that UBS made something illegal.

We want to note that lawsuits are one of the hobbies of the 69-year-old billionaire. For the past 20 years he had repeatedly legal proceedings with business partners, tenants of apartments in uncountable houses belonging to it and that the most interesting, banks.

Let's follow this developments, but, it is quite possible that hearings on this case will be stopped soon.»

On the basis: http://law.justia.com

Andrianova Irina ( the leading lawyer of legal support and banking consulting department of Honest & Bright)