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HomeBankersEx-SocGen Bankers Fight Fines Over Putin Foe’s $700 Million (1)

Ex-SocGen Bankers Fight Fines Over Putin Foe’s $700 Million (1)

April 7, 2021, 10:14 AM

Two former Societe Generale SA bankers are challenging Swiss fines issued for failing to report suspicious deposits worth more than $700 million made by a one-time ally of Russian President Vladimir Putin.

The former head of SocGen’s Swiss private bank and the ex-head of compliance, who can only be named as L. and K. under Swiss reporting restrictions, are appealing fines totaling 90,000 swiss francs ($96,000) at a trial starting Wednesday in Bellinzona.

Sergei Pugachyov, a former Russian senator, was once a close confidant of Putin and amassed a fortune of more than $1 billion in the 2000s….

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