More trouble for the precious metals empire created by the Diegelmann Family: As finews.com research shows the public prosecutor's office in Vaduz is investigating Rheingold Edelmetall on suspicion of subsidy abuse and fraud The past few months have been unpleasant for the precious metals conglomerate built by Axel Diegelmann and his family It consists of the gold trading company Rheingold Edelmetall in Triesen its namesake sister companies in Germany and Switzerland the open customs warehouse in Liechtenstein often referred to as the «Liechtenstein Fort Knox,» and the company AuASYZ three members of the Diegelmann family were placed on the «Specially Designated Nationals» (SDN) list by the U.S Treasury's Office of Foreign Assets Control (OFAC) on February 23 they filed a lawsuit against the involved U.S the gold traders' legal headaches are not limited to U.S the public prosecutor's office is investigating Rheingold Edelmetall in a different context Prosecutor Conducts «Preliminary Investigations» the prosecution authority confirmed: «The Liechtenstein Public Prosecutor's Office is conducting preliminary investigations against Rheingold Edelmetall AG The suspicion is not related to Russia sanctions and no further details will be disclosed during the investigations The prosecutor's office did not answer whether investigative actions such as house searches had taken place an employee of the Office of Economic Affairs took over the management of some of the Diegelmann companies she was dismissed from the Office of Economic Affairs she also relinquished her mandates with the companies in the Diegelmann environment as reported by «Liechtensteiner Vaterland» (article behind a paywall) According to the Liechtenstein Code of Criminal Procedure preliminary investigations either lead to the opening of an investigation finews.com publishes on its own Web-TV-Channel interviews with well-known figures of Swiss finance. + More on this topic + More on this topic + More on this topic the USA placed a Liechtenstein gold-dealer family on its notorious Russia sanctions list the family is fighting back with a legal complaint against the Treasury Secretary The sanctioning has caused significant damage including the inability to feed their 2,500 cattle in Paraguay.  Negotiations are now underway Tensions ran high in the Principality of Liechtenstein when Rheingold Edelmetall and three members of its owner family Diegelmann were placed on the «Specially Designated Nationals and Blocked Persons» (SDN) list by the Office of Foreign Assets Control (OFAC) on February 23 in connection with Russia sanctions, finews.com reported at the time albeit by a narrow margin: the «No» vote in the referendum was 48.31 per cent he was optimistic in an interview with Liechtenstein's «Vaterland»: «We will get off the OFAC list I am absolutely certain of that.» At the time he was hoping to resolve the matter «by June» along with his companies Rheingold Edelmetall and Liemeta and his son Fritz Diegelmann filed a lawsuit against US Treasury Secretary Janet Yellen This is according to court documents reviewed by finews.com the lawsuit filed in the United States District Court for the District of Columbia on April 16 is an action is a complaint for declaratory and injunctive relief: The plaintiffs are asking the court to declare «unlawful and set aside defendants’ imposition of sanctions on Plaintiffs and direct the lifting of all sanctions and direct the lifting of all sanctions by a writ of mandamus compelling the same.» OFAC accuses him of evading Russia sanctions by dealing in gemstones as an employee of Rheingold Edelmetall in the United Arab Emirates The plaintiffs have distanced themselves from this: «Plaintiffs’ designation based on any of Bernd Diegelmann’s activities amounts to guilt by association based on familial relation rather than any legitimate or legal basis.» In its brief communication on sanctioning the alleged «Diegelmann Illicit Finance Network,» OFAC mainly justified the measure by claiming the gold dealers had «disguised the Russian origin of the precious metals it traded and allowed Russians to buy and sell them for cash arguing they cannot fake the origin of precious metals as they do not possess processing or refinery facilities Such facilities are essential to obscure the origin of precious metals due to the typical stamps of gold bars Rheingold Edelmetall and its owners emphasize that trading in gold of Russian origin is not prohibited by OFAC's standing practice unless dealing with companies also on the SDN list Rheingold Edelmetall last purchased gold from Russian suppliers in 2021 before the Ukraine war and the sanctions regime took effect there were discussions between Rheingold Edelmetall or its founders and a company named Highland Gold Highland Gold appeared on OFAC's SDN list in December 2023 «The interaction with Highland Gold was limited to preliminary discussions regarding constructing a vault in Oman a venture that never proceeded past the discussion phase and did not result in any executed contracts or completed transactions.» Rheingold Edelmetall denies that sanctioned individuals accessed the company's services In Liechtenstein and Germany, where the sister company of the same name which is also on the SDN list is located the precious metals business adheres to anti-money laundering laws including Know-Your-Customer and anti-money laundering measures The plaintiffs claim they learned of their SDN list sanctioning from the media they demanded the administrative record from OFAC to obtain a detailed justification for the measure they also submitted petitions for removal from the SDN List through the administrative reconsideration with OFAC The legal document also details the private and business consequences of OFAC's sanctioning the family members «are unable to use most of their domestic banking channels in Liechtenstein,» and they are forced to «only use cash» for basic needs like rent and related utilities «They are at serious risk of being evicted from their home and unable to secure new housing.» 2025 /PRNewswire/ -- Following the success of last year's EdHeroes Global Forum on Cultural Heritage in Education the global education network EdHeroes introduces a fresh new Schaan is the largest municipality of Liechtenstein by population and a major economic hub Liechtenstein is an independent Principality nestled between Austria and Switzerland The country occupies an area of 160 km2 and has an estimated population of 37,000 people Liechtenstein has eleven municipalities headed by a mayor and each with its administration Schaan Municipality boasts a population of 5,748 inhabitants and occupies a total area of 26.8 km2 Schaan is an ancient region as witnessed in the numerous buildings built in the Baroque period such as the Chapel of St The Municipality is an economic hub and is home to large global manufacturers including Hilti Corporation and Ivoclar Vivadent AG The region is also a tourism hub since it is located in proximity to the mountain range along the border with Switzerland The Municipality of Vaduz is home to 5,197 inhabitants Vaduz is the location of the national parliament and the Vaduz Castle The region was established by the Counts of Werdenberg in 1322 and has medieval architecture as part of its history including the Cathedral of St The Municipality has a well-established tourism sector and cultural centers such as the National Museum and Art Gallery The municipality enjoys good infrastructure although it lacks railway and airport stations Triesen is the third largest municipality with a population of 4,701 The Municipality lies south of Vaduz and in proximity to the Rhine and chapels as well as a weaving mill built in 1863 complete with vineyards and ancient houses The region has however been modernizing in recent times and it is characterized by a blend of new and old Triesen has been experiencing a growing population who are attracted to the excellent infrastructure and modern residential areas Balzers Municipality lies in southern Liechtenstein The region occupies a total area of 19.6 km square and it is Liechtenstein’s fourth largest municipality One of the most famous landmarks in the Municipality is Gutenberg Castle The castle has been occupied since the 12th century and it has undergone construction works throughout the centuries and it serves as a public museum in a modern day the city is home to the headquarters of Oerlikon Balzers The rest of Liechtenstein’s municipalities and their populations are include Eschen (4,008); Mauren (3,626); Triesenberg (2,689); Ruggell (1,862); Gamprin (1,268) The population of Liechtenstein is projected to reach 39,000 by 2030 with the increase being spread out across its municipalities The municipalities are also expected to experience an increased number of foreign immigrants photos and original descriptions © 2025 worldatlas.com Italy celebrates its small towns and villages on a stamp issued Oct 11 to commemorate the 20th anniversary of the National Association of Small Towns of Italy (Associazione Nazionale Piccoli Comuni d’Italia) The association was established to protect Italian municipalities with fewer than 5,000 inhabitants The stamp depicts Isabella Castellana’s design of villages nestled among golden and green hills The “B” inside a rectangle in the lower right corner of the design indicates that this nondenominated stamp pays the rate for economy domestic delivery for letters to arrive in approximately four to six days The State Mint and Polygraphic Institute printed this self-adhesive commemorative by rotogravure in panes of 45 Liechtenstein offers more village scenes on a stamp series that began Sept Previous Village Views series started in 1996 (Scott 1066-1077) and 2000 (1167-1175A) The new series looks at communities of the Liechtenstein Oberland (Upper Country) Triesen is featured on the two stamps in the new set which dates from the early years of the 15th century The 2fr stamp pictures the old village center Liechtenstein’s philatelic bureau described this stamp as showing the “community with around 5,200 inhabitants embedded in a typical Liechtenstein landscape between the mountains and the Rhine.” Enschede of the Netherlands printed them by offset and embossing in panes of 12 Connect with Linn’s Stamp News:  World Stamps  Depositfotos / Symbolbild / Stock_Market_Visuals Liechtenstein Liechtenstein tritt dem IWF beiDas Fürstentum Liechtenstein hat entschieden und sagt mit 55,8 Prozent JA zum IWF Alle elf Gemeinden haben sich zum Beitritts Liechtensteins zum Internationalen Währungsfonds IWF ausgesprochen Das Abstimmungsergebnis aus den Gemeinden: powered by Please enable JS and disable any ad blocker The negotiations between the Liechtenstein gold dealers and the OFAC are currently yielding no results: three members of the Diegelmann family remain on the sanctions list the American authorities have commented on the proceedings the authorities have now responded to the lawsuit namely the sanctioned individuals on one hand and the sued authorities and officials on the other agreed to extend the deadline for the response to the lawsuit by one month to allow for direct talks or negotiations its sister company of the same name in Germany and the three members of the founding family – father Axel Paul Diegelmann and his sons Fritz and Bernd Günter – remain on the OFAC’s Russia sanctions list The authorities and officials sued by the Diegelmanns have responded to the lawsuit on time the case now differs from that of former Goldman Sachs banker Elena Titova and a former manager of Russia's Otkritie Bank named Andrey Golikov The same law firm that now represents the Diegelmann network previously applied pressure on the authorities with a lawsuit – successfully OFAC removed Titova and Golikov from the sanctions list just a month after the lawsuit was filed it now appears that OFAC is willing to go to court in the case of the Liechtenstein gold dealers with the Federal Court for the District of Columbia provides no new information on the facts of the case; it merely refers to the OFAC’s press release The 16-page document essentially confirms the facts: that certain business connections with Russia were sanctioned by OFAC based on a presidential decree that the Diegelmann network was sanctioned by OFAC on February 23 that it operated a gold trade in Liechtenstein and that the sanctioning resulted in severe restrictions for those affected the response remains silent on the exact accusations against the sanctioned individuals and does not provide evidence for the factual basis of the sanctions or any other minerals or geological materials in the Russian Federation or within the Russian Federation» will be sanctioned The legal filing mainly consists of generic text blocks Many claims from the Diegelmann lawsuit are generally characterised as «disputed» without further explanation The response also refrains from making an explicit legal request particularly from asking the judge to dismiss the case it merely states that the Defendants «aver that Plaintiffs are not entitled to any relief.» the case is expected to occupy the Federal Court for the District of Columbia for some time Boasberg ordered the parties to submit a joint proposed briefing schedule by August 1st OFAC will likely have to show its hand regarding the evidence it holds against the Diegelmann network A Liechtenstein-based law firm representing former shareholders of Credit Suisse (CS) is demanding a new valuation of the former major bank This action advances the legal battle to the next stage Lennert Partners a law firm from Triesen in Liechtenstein is exerting pressure on UBS in a legal dispute before the Zurich Commercial Court the firm called for a valuation of Credit Suisse based on «real conditions not a fictitious alternative scenario,» to determine the appropriate exchange ratio This demand follows a response from UBS in the Zurich Commercial Court where the combined banking giant argued that without the merger agreement Credit Suisse would have collapsed and shareholders would have faced a total loss Lennert Partners, from Triesen in Liechtenstein, is involved in the ongoing class action lawsuit against UBS in the Zurich Commercial Court, representing numerous former Credit Suisse shareholders holding multi-million-dollar stakes, as reported by  finews.ch The plaintiffs consider the agreed conversion ratio of one UBS share for 22.48 Credit Suisse shares in the forced sale of Credit Suisse to be unjust seeking compensation—up to 10.01 francs per share according to Lennert Partners UBS paid approximately 3 billion francs for the troubled bank whereas Credit Suisse’s shares were valued at 1.86 francs each it was positively established at the time of the merger decision that Credit Suisse would continue as part of UBS and would not fall into bankruptcy the key factor is the going-concern value of Credit Suisse as a future part of UBS taking into account the anticipated synergy effects resulting from the merger,» Lennert Partners highlight that UBS has submitted an expert report with its legal response intended to support the argument of Credit Suisse’s worthlessness at the time of the merger decision They argue that this report lacks a concrete valuation of Credit Suisse and relies instead on general principles from U.S which they claim are not applicable to the Swiss context Lennert Partners have submitted two independent expert reports: a legal opinion and a valuation report confirms that Credit Suisse should be valued based on its actual continuation as part of UBS rather than a hypothetical liquidation scenario,» the firm states The valuation report suggests a value of up to 10.01 francs per share Liechtenstein has relatively few earthquakes Based on data from the past 55 years and our earthquake archive back to 1900 there are about 207 quakes on average per year in Liechtenstein Liechtenstein has had at least 32 quakes above magnitude 4 since 1970 which suggests that larger earthquakes of this size occur infrequently probably on average approximately every 1 to 5 years Liechtenstein has about 28.5 quakes of magnitude 2 or higher per year The quake had a very shallow depth of 1.2 km (0.7 mi) and was too small to be felt by people Liechtenstein has had 2 quakes of magnitude 2.0 or above There have been also 33 quakes below magnitude 2.0 which people don't normally feel 2025 at 8.21 am local time (Europe/Berlin GMT +2) The quake had a very shallow depth of 9 km (5.6 mi) and was reported felt by some people near the epicenter.