For years, an $840 million fortune held by Gulnara Karimova, known as the "princess of Uzbekistan," has been frozen in Swiss bank vaults due to government orders. A prolonged legal battle
across Swiss civil courts may soon determine its rightful owner: the Swiss and Uzbek governments, creditors of Zeromax, a holding company associated with Karimova, or Karimova herself, who is currently imprisoned in Tashkent.
Swiss prosecutors filed criminal charges against Karimova on September 28, after a decade of investigation. The trial could reveal crucial evidence about the origin of her wealth and its rightful destination. The indictment has prompted fresh legal action from Zeromax's creditors, who argue that the Swiss government conspired to divert the Karimova fortune to Tashkent in exchange for diplomatic favors.
Zeromax, based in Zug, Switzerland, collapsed in 2010, leaving $4.6 billion in debt. Creditors, ranging from Brazilian football stars to craftsmen in Germany's Black Forest, claim that her money should compensate them. They allege a conspiracy between high-ranking government officials in Switzerland and Uzbekistan since 2017 to pervert justice.
The Swiss government maintains that there is no connection between Zeromax and Karimova, citing a 2018 court ruling. The government argues that Zeromax was neither controlled by Karimova nor beneficial to her, allowing them to return the money to the Uzbek government. Karimova disputes these claims, stating that the frozen assets in Swiss banks are legitimately hers.
A date for the Swiss criminal trial has not been set, but it is hoped that it will clarify the legal complexities surrounding Karimova's wealth.
Gulnara Karimova, once a prominent figure with a lavish lifestyle, flaunted her wealth and was involved in various projects, including an unsuccessful pop career, a fashion label, and a fragrance. However, her empire crumbled towards the end of her father's rule in Uzbekistan, and she faced legal troubles that led to her imprisonment.
The allegations regarding the sources of Karimova's wealth are not new. In 2019, the US Department of Justice accused her of accepting bribes from international companies seeking contracts in Uzbekistan. Leaked diplomatic cables from 2010 described her as the "single most hated person in Uzbekistan" and a "robber baron."
The ongoing legal battle aims to determine the rightful owner of her $840 million fortune, with the trial potentially revealing the truth about her wealth's origins. Photo by World Economic Forum Nader Daoud, Wikimedia commons.