UBS Accused of Helping Former Congolese President Embezzle Millions

A group of non-governmental organizations (NGOs) has filed a criminal complaint against Switzerland’s largest bank, UBS, accusing it of helping former Democratic Republic of Congo (DRC) president Joseph Kabila embezzle millions of dollars from his own country.

The Allegations

According to the complaint, UBS allegedly helped Kabila launder $19 million through accounts in Zurich and Geneva controlled by a confidant of the former president. The alleged embezzlement took place between 2012 and 2013.

Evidence

The NGOs claim that they have obtained millions of bank documents that show “possible acts of money laundering and a possible failure to exercise due diligence regarding financial transactions within the largest Swiss bank to prevent money laundering.”

UBS’ Response

UBS has declined to comment on the allegations.

Bigger Picture

This complaint is part of a larger investigation into alleged embezzlement by Kabila, who is suspected of having illegally siphoned off some $138 million from DRC state funds between 2013 and 2018 using different banks in various countries.

Background

The case highlights the ongoing struggles to combat corruption and embezzlement in the DRC, where billions of dollars in natural resources are at stake. The Swiss Office for the Attorney General (OAG) has confirmed that it has received the complaint and will examine it according to usual procedure. The OAG added that an investigation would only be opened if sufficient suspicion of a criminal offense could be established.

Not the First Time

This is not the first time that UBS has faced allegations of helping corrupt politicians or individuals launder money. In 2002, a report accused Swiss businessman Chris Huber of funding rebels in Congo through his business ventures.

Conclusion

The case underscores the importance of transparency and accountability in international banking practices to prevent corruption and embezzlement. It also highlights the need for continued efforts to combat corruption and embezzlement in countries with significant natural resource wealth, such as the DRC.