Raiffeisen's former boss Pierin Vincenz will be kept in custody as Swiss prosecutors widened their probe, with two more individuals now being investigated.
Pierin Vincenz, the ex-head of Switzerland's third-largest bank, will remain in custody, prosecutors in Zurich said on Thursday (text in German). The charismatic banker has already been detained for two and a half months.
The prosecutor’s office justified the extension of the custodial period with possible further illegal transactions that had come to light. These transactions relate to operations at payments specialist Aduno.
Accused Released From Custody
Prosectors have widened their probe to include two persons tied to Vincenz and ex-Aduno board member Beat Stocker, both of whom are in custody. Police investigators conducted home and workplace searches of the two individuals.
Criminal proceedings for complicity in fraudulent conduct have now been opened against the two, who weren’t named by the prosecutor’s office. The two persons were released after questioning by the prosecutors, who released no further details.
Probe Extended
Further investigations are now likely, which is the reason given for extending the custodial period. The prosecutor’s office has come under fire in the media for keeping the ex-Raiffeisen head in custody for such a lengthy period.
