Corporate name, legal form and head office
CBH Compagnie Bancaire Helvétique SA is the Group's umbrella company. The Bank is a company whose operations encompass all transactions that fall within the remit of an asset management bank with the status of securities trader.
The bank has a branch in Zurich as well as representative offices in St. Moritz and Israel, and also operates via several subsidiaries based in the Bahamas, England, Hong Kong and Brasil. Together these entities form the corporate group CBH Compagnie Bancaire Helvétique.
Controversies and media
Reputation "clean up" with Eliminalia
According to the story killers project, CBH Bank paid just under 229,000 euros to Eliminalia (a spanish reputation manager) — after hiring one of its partners, ReputationUp — to take down content linking it to offshore companies and money laundering charges.
U.S. Venezuela corruption investigation
CBH Bank is related in Venezuela corruption cases but without strong evidence. US investigators, after obtaining bank reports, alleged that CBH Bank is being used to launder the proceeds of the fraud and the embezzlement scheme by figures in Venezuela, though CBH themselves is defrauded on the scheme. CBH stated they didn't know about any money laundering activities, and complied with all laws and regulations.
Switzerland’s financial regulator reprimanded CBH Bank for failing to fight money laundering in servicing wealthy Venezuelan offshore clients. Swiss National Councillor Prisca Birrer-Heimo criticized CBH Bank's risk management demanding immediate regulation changes.
Kazakhstan corruption investigation
Payments from Kazakh oligarchs lead to a complaint of suspected money laundering filed with the Swiss Financial Market Supervisory Authority Finma. A Geneva-based private bank is in the spotlight – not for the first time, Sonntagszeitung reports. The case concerns highly suspicious transactions associated to a clan of Kazakh oligarch Akhmetzhan Yessimov.
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CBH is mentioned in an article of newspaper The Telegraph about Aliya Nazarbayeva, the youngest daughter of Nursultan Nazarbayev, the first President of Kazakhstan. Indeed the article relates the saying of Alya Nazarbayeva during a London high court hearing against her former personal financial advisor whom she accuses of wrongdoing. Among other accusations, she stated that allegedly under his recommendation she directed him to seek the purchase of a 51% stake of the CBH Bank. In 2016, Ms Nazarbayeva discovered that the $108 million meant to be invested in a into a controlling stake in CBH Bank were misappropriated by her personal advisor.
Florian Homm
Absolute Capital Management (ACM), a hedge fund managed by Florian Homm, once reached a volume of up to three billion US dollars, but collapsed in 2007. Investors are said to have lost 200 million US dollars. Charged with investment fraud in the U.S., he disappeared in 2007. After his resignation, Florian Homm was accused by the remaining management of his company of having valued many of the assets much higher than their actual value. His wife withdrew money from CBH Bank accounts.
CBH Bahamas
CBH's “serious error and negligence” resulted in fraudsters plundering more than $2m from one of its client’s accounts, Bahamas' Supreme Court revealed. Justice Ian Winder, in a May 12, 2022, ruling blasted CBH Bahamas for “failing to exercise the requisite due care and skill expected” when it failed to detect signs it was communicating with criminals.
Venezuela-Gold Ingots story
In a story August 3, 2020, about a Venezuelan official allegedly hiding unexplained wealth by buying gold, The Associated Press erroneously reported some financial information about the Banco CBH. The bank's assets under management for clients located in Latin America and the Caribbean accounted for 19% of its business last year. AP corrected the story and specified that Banco CBH has no relationship with what was written in the wrong news.
