Zrich (Reuters) – The most sensational economic process in Switzerland for 15 years began on Tuesday.
The public prosecutor’s office accuses the former head of the Swiss banking group Raiffeisen, Pierin Vincenz, of fraud, embezzlement and forgery of documents, among other things. At the beginning, the defense attorneys for Vincenz and the second main accused demanded that the trial be adjourned. The lawyers justified the claim, among other things, with the absence of another accused due to illness and what they considered to be incomplete evidence. The right of defense is thus restricted. The public prosecutor spoke out in favor of a continuation of the hearing. After completing a series of further requests to speak, the judge is likely to make a decision.
The process goes beyond the usual dimensions in Switzerland. Instead of in the courthouse, the proceedings begin in a concert hall in Zurich. Among other things, public interest is due to the fact that Vincenz, as ex-CEO of the third-largest Swiss banking group, was one of the best-known managers in the country. In contrast to the top executives of the other big banks, he was close to the people, in 2014 he was named “Banker of the Year” by a magazine. Critics also admit that he helped Raiffeisen gain new impetus.
The focus of the judiciary is primarily on a number of company takeovers for which Vincenz was responsible as Raiffeisen boss and as president of the credit card company Aduno. According to the public prosecutor, Vincenz was covertly involved in the acquisition goals. According to the public prosecutor, he had thus brought in an illegal personal gain of almost nine million francs. He also charged the institute for expenses for which there was no business reason. He spent over 200,000 francs in strip clubs and contact bars. He charged Raiffeisen about 3,800 francs to repair a hotel room that had been damaged in a private relationship dispute.
Vincenz has been in custody for weeks in connection with the proceedings. If convicted, he faces up to six years in prison. Vincenz denies breaking any laws.
In the first-instance trial, the court must assess whether the conduct alleged against Vincenz and his co-defendants is punishable by law. Experts do not consider guilty verdicts to be a foregone conclusion. The parties can appeal against the judgment. In the most spectacular Swiss commercial criminal case, the trial surrounding the bankruptcy of the Swissair airline in 2007, all the accused were found guilty.