Austrian banker fights extradition to U.S. on cash laundering prices By Reuters

By Sam Tobin

LONDON (Reuters) – The previous chief govt of an Austrian financial institution who faces prices in the USA in relation to a bribery and cash laundering conspiracy involving Brazilian development firm Odebrecht requested a London courtroom on Wednesday to refuse to extradite him.

Peter Weinzierl – former chief govt of Meinl Financial institution, later renamed Anglo Austrian AAB Financial institution – is accused of serving to launder tons of of tens of millions of {dollars} in a scheme involving the usage of slush funds to pay bribes to public officers all over the world.

The 57-year-old Austrian nationwide, who denies the allegations, attended Westminster Magistrates’ Court docket as his attorneys mentioned in closing arguments that U.S prosecutors “intentionally misdescribed” Weinzierl’s function to safe his extradition from Britain.

The Crown Prosecution Service (CPS), which is searching for the extradition on behalf of the USA, mentioned in courtroom filings that Weinzierl is making an attempt to argue the deserves of the prosecution case, which ought to be decided at trial.

James Lewis, representing Weinzierl, argued his consumer’s extradition shouldn’t be allowed as a result of Weinzierl was “lured” to Britain in Could 2021 by an alleged U.S. legislation enforcement agent with a purpose to arrest him.

However Rosemary Davidson, representing the CPS, mentioned in written arguments that there are “no affordable grounds” to consider Weinzierl was lured to Britain to arrest him. She added this is able to not be a motive to not extradite him even when true.

Odebrecht has admitted it doled out bribes to governments throughout Latin America to assist construct its huge development empire.

In 2016, Odebrecht and its mum or dad firm, Braskem, Brazil’s largest petrochemicals firm, agreed to pay a minimum of $3.5 billion to settle bribery-related prices introduced by U.S., Brazilian and Swiss regulators.

The scandal over bribes for public-works contracts has additionally unfold to different international locations the place Odebrecht did enterprise, together with Peru, Mexico, Argentina and Colombia.

Odebrecht modified its identify in December 2020 to Novonor SA, after its identify grew to become synonymous with graft because of its function in Brazil’s sweeping Automobile Wash corruption investigation.