Process begins in the concert hall
Swiss star banker Vincenz faces long imprisonment
01/25/2022, 07:17 am
The ex-head of the Swiss banking group Raiffeisen, Pierin Vincenz, has to answer in court as of today. The banker is one of the best-known managers in the country. Among other things, the indictment accuses him of having spent more than 200,000 francs in strip clubs – without a business reason.
The most sensational economic process in 15 years begins today in Switzerland. The former boss of the Swiss banking group Raiffeisen, Pierin Vincenz, and six other men are accused. The public prosecutor accuses Vincenz, among other things, of fraud, embezzlement and forgery. If convicted, he faces up to six years in prison. Vincenz denies breaking any laws.
The process goes beyond the usual dimensions in Switzerland. Instead of in the courthouse, the proceedings will begin in a concert hall in Zurich, and the number of journalists admitted has been limited to 60. Among other things, public interest has to do with the fact that Vincenz, as ex-CEO of the third-largest Swiss banking group, is one of the best-known managers in the country. In contrast to the top executives of the big banks, he was close to the people, in 2014 he was named “Banker of the Year” by a magazine. Critics also admit that he helped Raiffeisen gain new impetus.
The judiciary is primarily targeting a series of company takeovers for which Vincenz was responsible as head of Raiffeisen and as president of the credit card company Aduno. According to the public prosecutor, Vincenz was covertly involved in the takeover targets. According to the public prosecutor’s office, he had brought in an unlawful personal gain of almost nine million francs. He also charged the institute with expenses for which there was no business reason. He spent over 200,000 francs in strip clubs and contact bars. He charged Raiffeisen about 3,800 francs to repair a hotel room that had been damaged in a private relationship dispute. Vincenz had been in custody for weeks in connection with the proceedings.
At Raiffeisen, the Swiss financial market supervisory authority (Finma) identified serious deficiencies such as conflicts of interest and insufficient supervision of the former group boss after an investigation in 2018. The banking group has since replaced several executives and improved corporate governance.
In the first-instance trial, which is scheduled to last at least five days, the court must assess whether the behavior of which Vincenz and his co-defendants are accused is punishable. Experts do not consider guilty verdicts to be a foregone conclusion. The parties can appeal against the judgment.