UBS comes under fire in the Kabila corruption case
The major bank UBS has come under fire in connection with the allegedly embezzled state funds in the Democratic Republic of the Congo by the Kabila clan.
the essentials in brief
- UBS came under fire because of the Kabila corruption case.
- Some of the misappropriated government funds are said to have ended up in UBS accounts in Geneva.
The major bank UBS has come under fire in connection with the allegedly embezzled state funds in the Democratic Republic of the Congo by the Kabila clan. Part of it is said to have flowed into the accounts of the UBS branch in Geneva, the non-governmental organization Public Eye denounced the bank on Friday.
$ 200 million embezzled
As the Tamedia newspapers reported on Friday, the entourage of the former President of the Congo, Joseph Kabila, embezzled over 200 million US dollars. The newspapers refer to several million documents that were leaked to media companies via the “Congo Hold-Up” data leak and were evaluated by them.
According to a contribution by the French media company Mediapart, between 2013 and 2018 at least $ 138 million reached the Kabila clan directly through the bank BGFI, based in Gabon. In addition, there is more than 100 million dollars that have flowed to the Congolese central bank via BGFI accounts. The money comes from the central bank, mining companies or the national fund for road maintenance.
No comment from the bank
According to Tamedia research, some of the money, around $ 12 million, went to a UBS account in Geneva. UBS did not comment on the case to the newspapers, but stressed in general that the duty of care in the fight against money laundering should be strictly adhered to.
More on the subject:
