Jailed ex-Raiffeisen boss Pierin Vincenz reportedly made millions from secret side deals. Lucrative contracts advising the Swiss cooperative lender were to have earned him millions more.
Pierin Vincenz received 1.7 million Swiss francs when payments firm Aduno acquired Commtrain Card Solutions in 2007, Swiss weekly «Sonntagszeitung» (in German) reported, citing documents it obtained.
In total, the former long-standing head of Raiffeisen and an associate, Beat Stocker, earned 4.2 million francs with concealed stakes. Vincenz reportedly received 3 million francs in a second transaction, allegedly designed as a loan.
Five-Year Severance
Vincenz has denied he enriched himself while at Raiffeisen. He is remanded in custody in Zurich – highly unusual for a Swiss banker of his stature – while prosecutors investigate accusations of acting in bad faith.
The former star banker, who led Raiffeisen from 1999 to 2015, was in line for another 2.5 million francs. The bank's chairman, Johannes Rueegg-Stuerm, attempted to grant Vincenz a five-year adviser contract worth another 2.5 million francs, the newspaper reported.
Rueegg-Stuerm, who stepped down suddenly last week because of the scandal, was stopped by other Raiffeisen board members, according to the paper.
