A well-known Russian businessman who caused the bankruptcy of an Eastern European bank: Why Julius Baer stands accused of having helped him and why it may have cause for worry.
Julius Baer seems haunted by the past: German authorities continue to pursue the Zurich-based private bank in a bid to recover missing cash from the times of the German Democratic Republic. And last week, it was served with a claim to the tune of 306 million euros.
The court proceedings against Julius Baer have been initiated in the plaintiff's country of domicile in the European Union (EU), the bank said in a statement a week ago. Without giving more detail, the bank referred to its annual reports, where the claims have been listed since 2013, giving some additional background on the case.
