The former Raiffeisen boss distributed his accounts with a total of 17 banks. Not much went about some of them, about millions of others.

Said to have carried out stock market deals via a Liechtenstein account: Pierin Vincenz. (Archive image)

Pierin Vincenz dealt via a secret account with 95 million francs

Vincenz (right) is said to have dealt with 95 million francs via the Liechtenstein account last year alone as Raiffeisen boss.

Pierin Vincenz dealt via a secret account with 95 million francs

Normally a CEO of a big bank is not allowed to have accounts in third-party banks: Vincenz with the former finance minister Eveline Widmer-Schlumpf.

That's what it's all about

  • On January 25, the former CEO of the Raiffeisen Group will be on trial.

  • The court files show that he owned bank accounts at over 17 banks.

  • Pierin is said to have had a bank in Liechtenstein Vincenz dealt with 95 million francs as Raiffeisen boss last year.

Investigators at the Zurich public prosecutor's office hadn't expected that when they tried to confiscate Pierin Vincenz's assets: the former Raiffeisen boss had his accounts with a total of 17 banks, 12 of which do not belong to the Raiffeisen association, according to court files. Some didn't say much, others millions.

Most noticeable is an account with LGT in Vaduz. Concealed wage payments, money for unsuccessful affairs and, above all, stock market deals ran over it, as the “SonntagsZeitung” writes. In the last year alone as Raiffeisen CEO, he dealt over 95 million francs. The bank dossier, which covers the period from 2008 to 2017, is 196 pages thick. Loans of millions for protection appeared and disappeared every few days. The head of the third-largest bank traded stocks of large and small Swiss companies as if there were no conflicts of interest. Normally, a CEO of a big bank is not allowed to have accounts in third-party banks.

Bad cards for Vincenz

He didn't have much luck with his deals, sometimes he was left with millions in the red, which he covered with proceeds from the controversial deals, for them he will be on trial from January 25, the newspaper continues. There is a lot going on there.

Vincenz and his advisor Beat Stocker probably have bad cards in two company purchases that they made for the credit card company Aduno and from which they earned around 5 million francs. Because her accomplice, lawyer Beat Barthold, admitted that he had assisted fraud on several occasions, according to the “SonntagsZeitung”. According to the penal order, Vincenz and Stocker committed the fraud.

No evidence, but an indication

The admission is not evidence, but it is a strong indication. It will be interesting to see how the process ends in the Investnet case. The public prosecutor's office wants 3.5 million francs back from Vincenz and 8.5 million francs from Stocker. But that's not all: Raiffeisen has written off 100 million and is demanding half of it back from both of them.

If they win this case, however, Raiffeisen will have to forego the money and fulfill the existing contracts. Then Vincenz and Stocker wave against 100 million francs. With this outcome they would be the big winners of the process, even if they lose all other cases.

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 Pierin Vincenz deals via a secret account with 95 million francs

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By Teresa Tapmleton

Teresa Tampleton has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Nizh TEkegram, Teresa Tampleton worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my 1-800-268-7341

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