A Zurich district court has delivered its verdict following a trial about economic espionage in connection with the cum-ex-scandal. One of the accused called the verdict «dirty».
The verdict was eagerly expected: the district court in Zurich today delivered the first ever ruling in a cum-ex-trial. Three German citizens stood accused of economic espionage against Swiss private bank J. Safra Sarasin: Eckard Seith, a lawyer, as well as two former employees of the Basel-based bank. The verdict has been made public on Thursday.
Seith was freed of accounts of economic espionage but convicted of incitement to violate the banking law and handed a suspended fine of 165,600 Swiss francs.
Verdict to Be Appealed
One of the two ex-bankers was convicted of economic espionage and handed a suspended prison sentence of 13 months plus a fine of 20,400 francs. His former colleague was also handed a sentence with a suspended fine.
Seith called the verdict «dirty», according to Germany’s «Frankfurter Allgemeine Zeitung». He announced that he will appeal the verdict. One of the bankers will also appeal, while the prosecution and the third accused will first look into the decision before deciding.
Spying or Whistleblowing?
The prosecution had urged a conviction on grounds of economic espionage, with prison terms for all three accused. It argued that the three had conspired to spy on the bank. They said that they had been whistleblowers.
