Convicted ex-Swissmetal chief banned from Switzerland
The former chairman of the management board of Baoshida Swissmetal has been given a 24-month suspended prison sentence for unlawful business practices. He must pay back almost CHF20.5 million ($20.5 million) to the company.
In addition, the man, who is Chinese, has been banned from Switzerland for five years, said Maurice Paronitti, judge at the Biel-based Commercial Court of Berner Jura-Seeland, on Friday, confirming a report in the Journal du JuraExternal link newspaper.
The case concerns the finances of the near-bankrupt Swissmetal,External link a copper alloy manufacturer. The man was found guilty of unlawful business practices concerning some CHF17 million ($16.9 million). The court recognised that the irregularities were not for personal gain.
His actions were said to have put the future of the firm, which has 160 employees in Renvolier and Dornach, in jeopardy. Baoshida Swissmetal (Chinese firm Baoshida took over in 2013) is under a debt-restructuring moratorium until July 22.
A Swiss industrialist wants to buy the troubled company for CHF9 million, but the deal was blocked by the main creditor, China Development Bank (CDB). The man who was sentenced had taken a €15 million loan with the bank, which now wants the funds back.
More
More
Chinese bank to decide fate of cash-strapped Swissmetal
This content was published on
The takeover of near-bankrupt Swissmetal, a copper alloy manufacturer, is being blocked by the China Development Bank.
University students in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
This content was published on
TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year.
Geneva decides not to remove controversial memorials
This content was published on
The city of Geneva has presented an action plan regarding a series of controversial local statues and monuments of historical figures linked to racism, colonialism or slavery.
University of Lausanne calls for end to pro-Palestine sit-in
This content was published on
The pro-Palestinian occupation continues at the University of Lausanne (UNIL). On Monday evening, a group of students refused to agree to the deadline set by the rectorate.
Ukraine peace conference should include Russia, says Chinese ambassador
This content was published on
China supports a peace conference on the Ukraine war that would see equal participation of all parties, says Chinese Ambassador to Russia Zhang Hanhui.
This content was published on
A majority of Swiss citizens have open attitudes towards various infertility treatments, including even egg donation, which is currently prohibited.
Reports of Swiss cyber fraud almost doubled in six months
This content was published on
The head of the new Federal Office for Cybersecurity (FOC), Florian Schütz, has presented a new strategy after just over four months in office.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Autumn of discontent in the land of labour harmony
This content was published on
As striking building workers stage a second day of protest in Geneva, we look at
Switzerland's history when it comes to labour conflicts.
This content was published on
The Swiss president is in China, where he will sign a memorandum of understanding focusing on finance and trade. What’s in it for both countries?
Swiss president strengthens economic ties with China
This content was published on
Swiss President Ueli Maurer has been received by the Chinese president, Xi Jinping, for a state visit at the end of a week-long visit to China.
This content was published on
The government plans to launch a major promotion campaign in China ahead of and during the 2022 Winter Olympics and Winter Paralympic Games.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.