Switzerland opens case on confiscation of Ivanyushchenko's assets - Ukrainian news, Politics

Switzerland opens case on confiscation of Ivanyushchenko’s assets – Ukrainian news, Politics

The Federal Council (government) of Switzerland has decided to initiate an administrative confiscation case for the frozen assets of a close associate of the fugitive former Ukrainian President Viktor Yanukovych, Yuriy Ivanyushchenko, and his family in the amount of more than 100 million Swiss francs. This was reported by the press service of the government.

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Today’s decision is not related to the sanctions imposed against Russia in 2022, they noted.

The Federal Council instructed the Federal Department of Finance to initiate a forfeiture case in the Federal Administrative Court (FAC). The FAC will determine if the conditions for confiscation are met. If, at the end of the trial, the assets are finally confiscated, they will be returned to Ukraine.

The forfeiture procedure is based on the Foreign Illegal Assets Act (FIAA), which is applied only in exceptional cases. It allows for the confiscation of the assets of foreign politically exposed persons (PEPs), but subject to strict conditions. In particular, it is necessary that the judiciary of a foreign state tries to confiscate assets, but fails to do so.

Read also: Once Upon a Time in Monaco: Vadim Shulman vs. Yuri Ivanyushchenko. $27 million London dispute

Vadim Rebrina

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Fuente: liga.net

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