24 May 2011

Zurich Banker Acquitted of Money Laundering, Bribery, and Falsifying Documents

Eight years after Oskar Holenweger (pictured here, left) was accused of laundering money for South American drug cartels, a Swiss Federal Court cleared him of all charges last Thursday (the 21st). Mr. Holenweger, who was also accused of bribery, falsifying documents, and mismanaging clients’ assets, was also awarded the equivalent of $476,730 in compensation.

According to the original article from Swissinfo, The verdict is a blow for prosecutors who had described the case as an attempt to bolster Switzerland’s efforts to get tougher on corruption.

Furthermore, the case has implications beyond Mr. Holenweger and any possible appeal. The Federal Prosecutor for the case, Erwin Beyeler, may be in trouble in connection with the use of testimony from José Ramos, a Colombian drug baron, which was obtained illegally, although Mr. Beyeler has denied any connection.

The link to the original article can be found above, from where the photo of Mr. Holenweger was also obtained.