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November 5, 2020

LLB chairman steps down following criminal allegations

By Verdict Staff

Liechtensteinische Landesbank (LLB) chairman of the board of directors, Georg Wohlwend, has decided to resign with immediate effect in the wake of criminal proceedings against him.

The allegations against Wohlwend are unrelated to his work at LLB, noted the bank.

The Vaduz-based private bank did not detail the allegations but said that Wohlwend has denied the charges.

“To avoid any burden on the LLB, he has informed the Board of Directors of his resignation,” noted LLB.

Wohlwend served as LLB’s chairman since 2017. He has also served as an alternate minister of Liechtenstein.

Besides, he is a board member at Liechtenstein firms Neutrik and Seed X, and chaired Alegra Capital.

Wohlwend also had a stint at Liechtenstein private bank VP Bank.

LLB vice chairwoman Gabriela Nagel-Jungo has replaced Wohlwend as the new chairman of the board of directors of the company.

Commenting on Wohlwend, LLB said: “The LLB would like to thank him for his extraordinary efforts on behalf of the company.

“He contributed substantially to the successful implementation of the ongoing strategy, StepUp2020.”

In August last year, LLB Verwaltung (Switzerland) agreed to pay a fine of $10.6m to the US Department of Justice (DoJ) to settle tax evasion allegations.

The bank, previously known as Liechtensteinische Landesbank (Schweiz), was accused of helping US clients dodge taxes by conspiring with a Swiss asset manager.

 

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