SOURCE: Michael Cherney Foundation

May 31, 2010 04:00 ET

The Swiss to Compensate Israeli Businessman Michael Cherney for Baseless Allegations

MADRID, SPAIN--(Marketwire - May 31, 2010) -  

  • The Swiss Court awarded Cherney a compensation of 30,000 Swiss francs for having unduly dragged out the investigation for eleven years

According to the Swiss court's ruling, Israeli Businessman Michael Cherney will be financially compensated in the amount of 30,000 Swiss francs for unfounded suspicions of his links to the "Russian Mafia". The Swiss court ruled that Michael Cherney be financially compensated for moral damages to him and his family caused by the investigation which dragged from 1996 till 2007.

After the Swiss court's 2008 ruling that Cherney was not linked to organized crime, he decided to sue for moral damages. According to a Swiss law, this compensation could not exceed the amount of 10,000 francs. Exceptions are made in cases where courts discern "special circumstances". According to the court's latest verdict, this was the case with Cherney, especially since the investigation had unduly dragged out for eleven years.

Nowadays, Michael Cherney is based in Israel. Israel neglected the extradition of Cherney to Spain and impeded further investigations after the Swiss court's ruling that he was not linked to the "Russian Mafia". Nevertheless, the Israeli Businessman is willing to cooperate with the Spanish legal authorities.

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