EFTA01060183.pdf

From: "Jeffrey E." <jeevacation@grnail.com> To: ' ' Subject: Re: FYI Pictet Date: Thu, 01 Dec 2016 17:54:55 +0000 Ok On Thu, Dec 1, 2016 at 12:36 PM > wrote: Yes tomorrow if ok with you Ariane de Rothschild On 1 Dec 2016, at 12:45, jeffrey E. <jeevacation@gmail.com> wrote: it will take another 6 years at least. , free now . if you want to speak . otherwise tomrow? On Thu, Dec 1, 2016 at 6:41 AM, > wrote: Fyi Ariane de Rothschild Begin forwarded message: From: Pemollet Jean-Christophe Date: 30 November 2016 at 15:29:28 GMT+1 To: mader@aderfam.chm < >, convex-geneve Subject: FYI Pictet Pictet has been involved in a legal wrangle with a Saudi oil baron for years. His bid to claim hundreds of millions from the Geneva-based bank has now received a major boost in the U.S. The law case has been fought with all measures available for a good five years. Now it has been become clear that Rasheed al Rushaid, the Saudi businessman, can have his claim heard at a New York court. An appeal court has decided as much last week, according to a report by the «New York Law Joumalo. Al Rushaid, the owner of the namesake company empire, claims $350 million from Pictet, accusing it of having helped former employees to wash briberies through dummy companies on the British Virgin Islands in the years from 2006 through 2008. Briberies, Money-Laundering, Dummy Firms In the lawsuit, al Rushaid names Pierre-Alain Chambaz, a former relationship manager and vice president of Pictet, as having been on friendly terms with one his employees. The Saudi claims that Chambaz had built a system to wash the bribery payments. Al Rushaid wanted a New York court to accept the suit because $4 million had been moved through Pictet's correspondent accounts at Citibank, HSBC and further U.S. banks and then further on to Pictet in EFTA01060183  Geneva. And the advantage of having the case investigated in the New York is that it won't be prescribed. No Comment From Pictet The appeals court determined that the Pictet correspondent accounts in the U.S. played an important role in the money-laundering system. Pictet had argued against on grounds that the role of these accounts had been passive. The bank presumably had hoped the case would eventually be prescribed. Pictet didn't respond to a request for information by finews.ch. Jean-Christophe Pemollet Edmond de Rothschild ********************************************************************** This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the system manager. ********************************************************************** please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01060184