Know your UBO% or else - A Swiss company has filed a complaint against Deutsche Bank
A Swiss company, Aluminium Silicon Mill Products (ASMP), has filed a complaint against 2 of Deutsche Bank’s American divisions in the Southern District of New York District Court. Deutsche Bank froze a $212m transfer in a US correspondent account, which was due to be transferred from ASMP to Kamensk-Uralsky Metallurgical Plant (KUMZ), a Russian aluminium company.
Deutsche Bank informed ASMP that it blocked the funds because KUMZ’s bank (Metcombank) is beneficially owned by Viktor Vekselberg, designated under E.O. 13662, pursuant to OFAC’s Countering America’s Adversaries Act ‘CAATSA’, which targets Russian oligarchs
ASMP claims Vekselberg held only a 9.9% ownership of the bank at the time of the transaction, and therefore the transaction should not be blocked as Vekselberg does not own more than 50% of the bank, as required under the E.O.. Deutsche Bank have until 1 November to respond to the complaint.