The Limited Times

Now you can see non-English news...

The ex-boss of Raiffeisen Switzerland sentenced to more than three years in prison


A former boss of Raiffeisen Switzerland was sentenced to three years and nine months in prison, the ATS agency reported on Wednesday (April 13th), after a...

A former boss of Raiffeisen Switzerland was sentenced to three years and nine months in prison, the ATS agency reported on Wednesday (April 13th), at the end of a highly publicized trial around accusations of hidden participations and expense reports in strip clubs.

Read alsoSwitzerland is looking for a site to bury its nuclear waste

The Zurich District Court sentenced Pierin Vincenz, the former boss of this cooperative bank, for “

unfair management

” and “

breach of trust


Justice also retained the charges of “


”, “

attempted fraud

” and “

passive corruption

”, without however going as far as claimed by the Public Prosecutor – who asked for six years in prison.

Pierin Vincenz has already spent 106 days in preventive detention.

The other main defendant, Beat Stocker, former boss of the credit card company Aduno, was sentenced to four years in prison, after a trial that included five other defendants.

In a 364-page indictment, the two former bosses were accused of having influenced Raiffeisen, which is one of the largest establishments in Switzerland, as well as other financial companies which they directed and advised, in order to that they buy back companies in which they had taken secret participations in a private capacity, without declaring them.

25 million Swiss francs

The two defendants illicitly pocketed 25 million Swiss francs (24.6 million euros) - 9 million for Mr. Vincenz and 16 million for Mr. Stocker -, said the Public Ministry.

The first was also accused of having multiplied the expense reports for private expenses, including 200,000 francs for visits to strip clubs and 250,000 francs for personal trips.

During this highly publicized trial in Switzerland, he had justified these expenses by the need to maintain relationships with his clients.

The judges, however, considered that it was a case of unfair management.

The court also upheld the charge of breach of trust for other private expenses, including a tryst that Mr. Vincenz presented as a job interview.

At the end of his trial, the former boss had admitted mistakes during his 20 years with the bank, but claimed to have done nothing illegal.

During the hearings, his defense had requested an acquittal.

His lawyer had claimed that the former banker had not been involved in the negotiations during the takeovers of companies,

insisting that the decisions had been made by consensus within the management team.

His lawyer has indicated his intention to appeal, the ATS said.

Source: lefigaro

All business articles on 2022-04-13

You may like

News/Politics 2022-06-13T12:32:36.370Z
News/Politics 2022-04-29T15:41:33.188Z

Trends 24h

Business 2022-06-28T19:14:11.447Z


© Communities 2019 - Privacy