The events that plunged Switzerland's third-largest bank into turmoil last year are still under investigation. An internal report may make life even more uncomfortable for disgraced former CEO Pierin Vincenz.
Pierin Vincenz last year was kept in custody in Zurich for a full 106 days, under suspicion of disloyal management. The state has yet to press charges.
The attorney office is gathering information that will allow the state to try the former chief executive of Raiffeisen and it may now have received some more ammunition. The office has sealed a report ordered by Raiffeisen from Bruno Gehrig, the former high-profile central bank executive, according to «NZZ am Sonntag» newspaper.
On Time Delivery
Gehrig, who is also an economics professor, delivered his findings on time at the end of 2018. Raiffeisen originally had planned to publish the report.
The banking regulator, Finma, in the summer of 2018 had finished its probe against the bank and reprimanded Raiffeisen for the failings of its corporate governance.
Under the guidance of Vincenz, Raiffeisen had taken stakes in several companies at inflated prices. The suspicion is that Vincenz may have profited from the deals as he himself held stakes in those companies. The events of last year also led to the departure of Patrick Gisel, the successor of Vincenz as CEO. In March 2018, the chairman, Johannes Rueegg-Stuerm, also had left.
