Zurich court overturns conviction of Swiss banker Pierin Vincenz

Pierin Vincenz outside Zurich District Court in 2022 KEYSTONE/© KEYSTONE / MICHAEL BUHOLZER

Zurich High Court has overturned the first-instance judgement against former Raiffeisen CEO Pierin Vincenz due to “serious procedural errors” and has referred the case back to the public prosecutor, who must now bring new charges.

In April 2022 Zurich District Court sentenced Vincenz and four business partners to several years’ imprisonment in some cases. However, key rights to a fair hearing and a legally compliant indictment were violated in the process, Zurich High Court said in a press release on Tuesday.

It therefore overturned the judgement of the court of first instance and referred the criminal proceedings back to the public prosecutor’s office. The latter must now rectify the procedural shortcomings and then re-file charges with Zurich District Court. The assets of Vincenz and other people will remain seized and not be released.

Among other things, the High Court categorised the accusation principle as violated. In the “partially excessive indictment”, the accusations were presented so extensively that the legal framework was exceeded. “This circumstance made it considerably more difficult for the accused to mount an effective defence in the proceedings at first instance.”

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The fact that only extracts from the indictment were translated for a French-speaking defendant was also not sufficient, the High Court further stated. This constituted a serious violation of the right to be heard and the principle of fairness.

The referral of the case back to the public prosecutor’s office is a technical decision: the decision does not comment on the question of guilt or innocence.

Up to four-year prison sentences

The Zurich District Court sentenced Vincenz and his business partners to three years and nine months and four years in prison respectively for fraud and multiple embezzlement. Three other defendants were sentenced to conditional fines. A further person was acquitted and the proceedings against another were discontinued.

The public prosecutor’s office had accused the former Raiffeisen boss and his partner in crime in particular of secretly investing in companies and then ensuring that these companies were acquired by Raiffeisen, among others. In doing so, the two allegedly raked in millions in profits.

The parties appealed these judgements at first instance to the Zurich High Court. The appeal process was scheduled for July 2024. However, the High Court has now come to the conclusion that the public prosecutor’s office must revise its indictment and resubmit it.

Translated from German by DeepL/ts

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