Pictet Bank Sued by Saudi Company, Accused of Aiding Bribery Scheme - Bloomberg

Swiss private bank Pictet & Cie was sued by Saudi Arabian company Al Rushaid Petroleum Investment Corp., which said its employees got help from the bank in a bribery scheme.

Three employees at the company’s Al Rushaid Parker Drilling Ltd. unit laundered more than $4 million in kickbacks through accounts with Pictet, the company said in a lawsuit filed today in New York State Supreme Court in Manhattan.

“Pictet’s part in the conspiracy was clear -- it was charged by the corrupted employees with responsibility of concealing their receipt of the bribe money,” Al Rushaid Petroleum said in the complaint.

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