Switzerland’s third-largest bank wants money back from its former CEO. Pierin Vincenz stands accused of having misled the bank.
Raiffeisen says the contracts signed between the bank and the former owners of Investnet are void because its former CEO Pierin Vincenz had misled the bank about his involvement with the owners of the company. The bank now wants Vincenz to hand over money gained through the deal, according to a report in «Sonntagszeitung» (behind paywall).
The bank had bought a majority stake in Investnet for 40 million Swiss francs ($40 million).
Personal Involvement
Raiffeisen will contest all contracts signed between itself, Vincenz and the founders of Investnet starting in 2012. Raiffeisen spokesman Dominik Chiavi confirmed the move in a statement to the Sunday newspaper.
Vincenz stands accused of having personally profited from the acquisition of the Investnet stake. A friend of his, who had acted as a consultant in the deal, transferred 2.9 million Swiss francs to Vincenz in the aftermath of the transaction, money that Raiffeisen believes stemmed from the itself.
