Ex head of Swiss Bankers Association on trial for corruption
A corruption case involving senior figures in the Swiss financial sector is to be heard in court: Pierre Mirabaud, former president of the Swiss Bankers Association (SBA), is due to stand trial at the beginning of September before the Federal Criminal Court.
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Ex head of Swiss Bankers Association on trial for corruption
He is accused of bribing a senior Kuwaiti official in order to secure control of substantial public funds.
According to the indictment, a copy of which was obtained by the Swiss News Agency Keystone-ATS, the criminal investigation was launched in 2021 by the Office of the Attorney General of Switzerland (OAG). The alleged offences date back to the period between 2000 and 2012.
Mirabaud is alleged to have promised undue kickbacks totalling CHF82 million ($102 million) to the chairman of Kuwait’s Public Institution for Social Security (PIFSS). In return, the man is alleged to have entrusted the Geneva-based private bank Mirabaud with a portion of the Kuwaiti institution’s funds, amounting to $500 million (CHF400 million).
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Pierre Mirabaud, 77, has opted for a simplified procedure before a single judge and admits to the charges against him. He has also already compensated the PIFSS with a payment of CHF42 million. In addition to the offence of bribing foreign public officials, the former president of the ASB (2003–2009) is also charged with aggravated money laundering.
The OAG has requested a 24-month suspended prison sentence.
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Translated from Italian, reviewed by an English Department journalist.
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