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Yahoo
3 days ago
- Business
- Yahoo
Exclusive-Under US pressure, Liechtenstein seeks fix for stranded Russian wealth
By John O'Donnell and Oliver Hirt VADUZ, Liechtenstein (Reuters) -Liechtenstein is examining tightening control of scores of Russian-linked trusts abandoned by their managers under pressure from Washington, according to several people familiar with the matter. The country, one of the world's smallest and richest, is home to thousands of low-tax trusts, hundreds of which have links to Russians, two of the people with direct knowledge of the matter said, putting it in the crosshairs of Western efforts to sanction Moscow. Since Russia's invasion of Ukraine, the U.S. Treasury has sanctioned several individuals and trusts in Liechtenstein it said were linked to Russian oligarchs, including Vladimir Potanin, and a long-time ally of Russian President Vladimir Putin, Gennady Timchenko. The U.S. Treasury had no immediate comment. Potanin's Interros holding company did not respond to a request for comment, while Timchenko could not be reached. That sanctioning has prompted other directors fearing such punishment to quit hundreds of Russian-linked trusts, according to several people familiar with the matter, exposing a far wider problem with Russian money in the tiny country with a population of about 40,000. The episode, in a sleepy Alpine enclave ruled by a billionaire royal family, also shows how deep and opaque Russia's business ties to Europe remain more than three years after Russia's invasion of Ukraine. It is a setback for the microstate that had long sought to shed its image as a safe haven for foreign wealth. The mass resignations have put scores of trusts in limbo, essentially freezing swathes of Russian wealth. The trusts are the linchpin for fortunes, including yachts or property, that are scattered around the globe. Their suspension puts that property beyond reach, a further potential lever over Russia, amid attempts by U.S. President Donald Trump to strike a peace deal. Reuters has spoken to several people with direct knowledge of these events, who asked not to be identified because of the sensitivity of the matter. They outlined how a push by Washington had led scores of directors to quit trusts with links to Russia and how the government was scrambling to resolve the crisis. Liechtenstein's newly elected government is seeking to fix the issue, according to people familiar with the matter, underscoring the continued pressure from Washington over Russia sanctions, despite U.S. President Donald Trump's earlier suggestions he could ease them. Liechtenstein also sees its handling of sanctions enforcement as something that could influence its government's efforts to lower newly imposed U.S. tariffs on exports, said one person with direct knowledge of the discussions. A Liechtenstein government official said 475 trusts were affected by the defections, although added that not all were linked to Russians or sanctioned individuals. That official said Liechtenstein's justice department was seeking to install new managers to 350 trusts, while 40 were being liquidated and unsuccessful attempts had been made to appoint a liquidator to further 85 trusts. This episode strikes at the trust industry, a critical pillar of Liechtenstein's roughly 770 billion franc ($930 billion) financial centre that underpins the country's economy. Local banks, the government official said, were also affected, without elaborating. Banks are particularly vulnerable because the United States has the power to throttle them by cutting off their access to the dollar, threatening a wider crisis. The episode has confronted the country with its biggest crisis since 2008, when leaked customer data at LGT Bank, owned by the country's princely family, exposed widespread tax evasion. The government is now examining options to centralise the management of the deserted trusts under its watch and tightening supervision of trusts. The Liechtenstein official also said the country's authorities were in contact with their international counterparts and that no trust assets would be released to sanctioned individuals. Liechtenstein, sandwiched between Switzerland and Austria, is dominated by its royal family, whose castle towers over the parliament. It is tied closely to Switzerland, using its franc currency, but also enjoys freedom to do business in the European Union's single market. The country, criticised for hiding the fortunes of the wealthy in the past, had reformed and joined the International Monetary Fund. Once home to roughly 80,000 tax trusts, it now hosts about 20,000, said two people familiar with the matter - equivalent to roughly one trust for two residents. Pressure on Liechtenstein follows a similar push against neighbouring Austria and Switzerland. ($1 = 0.8273 Swiss francs) (Additional reporting by Reuters Moscow bureau, editing by Elisa Martinuzzi and Tomasz Janowski)
Yahoo
6 days ago
- Health
- Yahoo
Implantica's RefluxStop™ stimulates intensive dialogue at DDW, the world's largest Digestive Disease conference, held in the U.S.
VADUZ, Liechtenstein, May 27, 2025 /PRNewswire/ -- Implantica AG (publ.) reports successful pre-launch activities in the U.S., pending FDA approval, with European real-world clinical evidence generating much interest from U.S. surgeons. Several presentations on RefuxStop™ were held at DDW, an impressive hub for discussing the latest innovations and clinical data in the fields of gastroenterology, hepatology, endoscopy, and gastrointestinal surgery. Over 13,000 leading surgeons, gastroenterologists (GIs), academics, and researchers recently gathered in San Diego, California for the 2025 conference. Dr. med. Zehetner says, "The curiosity and interest were palpable as more and more surgeons and GIs throughout DDW learned about the unique mechanism of action and the advantages of the RefluxStop procedure. It's an honor to be able to share my real-world RefluxStop knowledge and clinical outcomes with the top experts and leaders in this treatment field, all in attendance at DDW." Performing resurgery using RefluxStop™ on failed standard of care procedures was a topic of a study on the combined results from Dr. Lehmann, Germany, and from Dr. Zehetner (Prof. USC), Switzerland, "Feasability and technique of conversion to RefluxStop from previous anti-reflux surgery in GERD patients". The conclusion was that RefluxStop™ provides successful outcomes when used for reoperations on the most common standard surgical methods. Dr. Zehetner also presented his excellent results in a study entitled, "Laparoscopic anti-reflux surgery outcomes at 12 months in the first 100 patients to undergo RefluxStop procedure in a single institution in Switzerland." RefluxStop™ was favorably discussed during the "Technologies and Procedural Innovation" session presentation by Dr. Reginald Bell, the leading US surgeon and past President of the American Foregut Society (AFS). All sessions boasted high attendance driven by high interest in the unique approach and the impressive European clinical data outcomes of the RefluxStop™ procedure. Implantica CEO and founder, Dr. Peter Forsell, adds, "I'm grateful to all our independent surgeons who go through great efforts to publish their real-world data to advance the field of GERD management and improve patient care. The RefluxStop™ procedure's unique mechanism of action eliminates many of the uncomfortable post-surgical side effects typically associated with anti-reflux procedures. We strongly believe RefluxStop™ is uniquely positioned to have a lasting impact on the anti-reflux surgery landscape for decades to come." For further information, please contact: Nicole Pehrsson, Chief Corporate Affairs OfficerTelephone (CH): +41 (0)79 335 09 Implantica is listed on Nasdaq First North Premier Growth Market in Stockholm. The company's Certified Adviser is FNCA Sweden AB, info@ The information was sent for publication, through the agency of the contact person set out above, on 27. May 2025, at 08:00 a.m. (CET). About Implantica Implantica is a MedTech group dedicated to bringing advanced technology into the body. Implantica's lead product, RefluxStop™, is a CE-marked implant for the prevention of gastroesophageal reflux that will potentially create a paradigm shift in anti-reflux treatment as supported by successful clinical trial results. Implantica also focuses on eHealth inside the body and has developed a broad, patent protected, product pipeline based partly on two platform technologies: an eHealth platform designed to monitor a broad range of health parameters, control treatment from inside the body and communicate to the caregiver on distance and a wireless energizing platform designed to power remote-controlled implants wirelessly through intact skin. Implantica is listed on Nasdaq First North Premier Growth Market (ticker: IMP A SDB). Visit for further information. About RefluxStop™ RefluxStop™ is a new innovative treatment that has the potential to spur a paradigm shift in anti-reflux surgery. It's unique mechanism of action differentiates it from standard of care and current surgical solutions. Longer established surgical options for GORD involve encircling the food passageway to support the lower esophageal sphincter's closing mechanism and are commonly associated with side effects such as swallowing difficulties, pain when swallowing and inability to belch and/or vomit. In contrast, the RefluxStop™ device treats the cause of acid reflux without encircling and putting pressure on the food passageway. It restores and maintains the lower esophageal sphincter in its original, natural position. The RefluxStop™ mechanism of action is focused on reconstructing all three components of the anti-reflux barrier, that if compromised could possibly result in acid reflux. It restores and supports the natural anatomical physiology of the body allowing the body to itself solve the problem with acid reflux. Newsroom Community Media Contact: Implantica AG Juanita Eberhart, VP Marketing & Advocacy M: +1 925-381-4581 This information was brought to you by Cision The following files are available for download: Implantica’s RefluxStopâ'¢ stimulates intensive dialogue at DDW, the world’s largest Digestive Disease conference held in the U.S. logo transparent 1 8 ReluxStop Product View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
