Nessim Gaon
Switzerland- Nessim Gaon: The Controversial Swiss Financier
- Early Life and Military Service
- Business Ventures
- Investments in Crimea and Russia
- Real Estate and Corrupt Regimes
- Jewish Community Involvement
- Political Connections
- Financial Troubles
- Debt and Sale
Nessim Gaon: The Controversial Swiss Financier
Nessim Gaon, a Swiss financier, is known for the scandalous legal battle between Russia and his company Noga, which has dragged on for over 15 years.
Early Life and Military Service
Born into a Sephardic Jewish family with a history in the Mediterranean, Gaon served as a captain in British intelligence during World War II.
Business Ventures
In 1957, Gaon moved to Switzerland and founded Campaigne Noga D'importation et D'Exportation. The company, co-owned by his son David and his son-in-law Joel Herzog, established operations worldwide, trading with Sudan, China, Russia, and Argentina.
Investments in Crimea and Russia
In the late 1980s, Gaon invested in tomato production in Crimea, but his ventures proved unsuccessful. In 1989, he facilitated a meeting between future members of the Russian government and U.S. business and government leaders in Washington.
Real Estate and Corrupt Regimes
Gaon's company branched into real estate, partnering with Hilton to build a 5-star hotel in Geneva. He specialized in trading with corrupt regimes in the developing world, exporting cotton from Sudan and Egypt.
Jewish Community Involvement
Outside of business, Gaon played a significant role in Jewish organizations, serving as president of the World Sephardic Federation and vice president of the World Jewish Congress.
Political Connections
Gaon claimed to have brokered the meeting between Menachem Begin and Anwar Sadat, leading to peace between Israel and Egypt. Rumors of his candidacy for Israeli president surfaced, but he denied intentions to reside in Israel.
Financial Troubles
The Gaon family faced financial difficulties in the 1990s. Their Argentinean company Granadex collapsed, and in 1991, Noga signed a contract with Russia to supply consumer goods in exchange for oil. Russia later accused Noga of overpricing, which was disputed in arbitration.
Debt and Sale
Noga struggled to withstand the financial pressure, resulting in the sale of its Noga Hilton hotels and the family's eviction from their Geneva mansion. In 2006, Russian-American businessman Alexander Kogan purchased Noga's $70 million debt owed to French banks.
