Nearly a year after the trial of former Raiffeisen Switzerland CEO and alleged accomplices, the Zurich District Court has given 1,200 pages of reasons for its verdict. The case of Pierin Vincenz enters the next round.
Several newspapers, including the «Tages-Anzeiger» and the «NZZ» (both behind paywall, in German) reported the verdict of the Zurich District Court in the case of former Raiffeisen CEO Pierin Vincenz was issued to the parties yesterday.
In April 2022, the district court sentenced Vincenz to three years and nine months imprisonment for, among other things, fraud and dishonest management, with another alleged main perpetrator, Beat Stocker, even receiving four years. Both also have to pay fines running into the millions.
The court outlined its reasoning for the verdicts in an approximately 1,200-page statement of reasons.
Not a Final Verdict
The verdict is not yet final and lawyers for Vincenz and Stocker, and representatives of most of the other defendants, announced in spring they would appeal the ruling. That leaves them to face off again against the public prosecutor's office, injured parties such as Raiffeisen, and card company Viseca (formerly Aduno) before the Zurich High Court.
The ruling last April was considered relatively harsh by observers. The court, chaired by President Sebastian Aeppli, reasoned Vincenz and Stocker acted from purely financial motives and closely colluded with each other to enrich themselves at the expense of companies such as Raiffeisen and Viseca. Stocker is described as the strategist behind the scheme, and Vincenz his high-level accomplice.
Lax Governance
The court also noted that it was relatively easy for Vincenz and Stocker to commit the acts they were accused of due to inadequate supervisory structures at Raiffeisen Switzerland.
During the trial, finews.com had shown how Vincenz had succeeded in dominating the Raiffeisen Group during his time as head of Raiffeisen Switzerland.
