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  • UzbekistanAssetReturn

BELGIUM – MARCH 2022

Updated: Aug 28, 2022

The proceeds of Karimova’s corrupt telecoms dealings (detailed in full in the Swiss and US jurisdiction updates) were laundered in various offshore companies, and properties around the globe. The US civil complaint In Rem against $330m assets (case no. 15-cv-05063), for example, froze hundreds of millions of dollars of assets in accounts registered in Belgium, Ireland and Luxembourg. The civil complaint document (US, 29.06.2015, Civil Complaint In Rem $330 Million Assets (Case No. 15-cv-05063) states that assets gained from the corrupt dealings were held in cash at the Bank of New York Mellon in Brussels, Belgium. There were valued (30 September 2013) as follows: Hedge fund portfolio ($14,264,135.06 and €405,334.09), Single Portfolio ($40, 986, 593.58) and the Fixed Income Portfolio ($200,374,718.43). This totals: $256,082,420.72 in assets known to be the proceeds of crime that have been frozen in Belgium. There has been, however, no litigation in the Belgian jurisdiction relating to these assets or any others that may exist. The US civil complaint, as well as the other In Rem proceedings (US, 18.02.2016, Civil Complaint In Rem, $550 Million Assets (Case No. 1:16-cv-01257) has, as of yet, managed to arrest $5.83 million USD of these assets.



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