The head of the Geneva based commodities trader, Gunvor, has been forced out of his position after the US government claims he has links to the Russian president, Vladimir Putin.
The 72-year-old Swedish national, Torbjörn Törnqvist, who lives in Switzerland, also controls around 85 percent of the company - a stake he now plans to sell to senior employees.
The billionaire is firmly denying the allegations. He has stepped down as chief executive and chairman with immediate effect.
Gunvor says the leadership change is intended to enable a fresh start and support what it calls a forward-looking strategy for a company whose past has, in its words, become an “intolerable burden.”
Switzerland faces CHF 1 billion bill on EU frontalier reform
Swiss police chiefs warn anti-immigration vote risks security
SBB to retire 400 asbestos-contaminated trains
Parliament to debate seizing unused army weapons
Winterthur knife attacker placed in pretrial detention
France's No G7 coalition drops Annemasse protest
