- World Chess Federation says Swiss bank UBS closed its accounts ‘immediately’
- Bank ‘lost patience with group’s failure to depose president Kirsan Ilyumzhinov
- Mr Ilyumzhinov is on US sanctions list for allegedly brokering oil purchases by Assad’s Syrian regime from ISIS
The world governing body of chess has had bank accounts frozen over president Kirsan Ilyumzhinov’s (pictured) alleged financial dealings with ISIS and Assad’s regime
The world governing body of chess has had its bank accounts frozen over its president’s alleged financial dealings with ISIS and Bashar al-Assad’s Syrian regime.
The World Chess Federation (FIDE) said UBS was closing its accounts ‘immediately’ after the Swiss bank lost patience with its failure to depose Russian millionaire Kirsan Ilyumzhinov.
Mr Ilyumzhinov was placed on a US sanctions list in November 2015 for allegedly brokering oil purchases by Syrian President Bashar al-Assad’s regime from ISIS.
According to a letter posted on FIDE’s website by its treasurer, Adrian Siegel, UBS initially allowed the organisation to maintain its accounts because Ilyumzhinov had given assurances that he would soon be removed from the sanctions list.
‘Now however, after more than two years of Kirsan Ilyumzhinov’s presence on the sanctions list of the US Department of the Treasury, the Swiss bank UBS has announced that they will immediately close our accounts,’ the letter said.
Siegel confirmed the document’s authenticity in an email to AFP.
‘Kirsan Ilyumzhinov’s problems severely damage FIDE’s business activities and we have to look for a new bank connection,’ the letter added, describing the situation as a ‘serious problem’.
Siegel’s letter noted that Ilyumzhinov had been removed from FIDE’s ‘legal, financial and business operations’ since December of 2015.
But this does did not appear to have satisfied the concerns of UBS.
The World Chess Federation (FIDE) said UBS had closed its accounts ‘immediately’ after the Swiss bank lost patience with its failure to depose Russian millionaire Kirsan Ilyumzhinov
UBS told The Telegraph that it does not comment ‘on whether individuals or organizations are clients of UBS’, but that it follows ‘all laws and regulations that are applicable to us’.
According to the BBC, Mr Ilymuzhinov’s defence team said in a statement that he denied the ‘outrageous and false allegations made against him’ and said he was ‘not aware that Fide’s bank accounts have been frozen by UBS’.
Mr Ilyumzhinov said the claims were part of a ‘smear campaign related to a power struggle’ at the organisation ahead of the elections later this year.
The businessman, a former leader of Russia’s Buddhist Kalmykia region, is no stranger to controversy and is perhaps best known for claiming to have encountered aliens.