Ex head of Swiss Bankers Association convicted of corruption
On Tuesday the Swiss Federal Criminal Court found Pierre Mirabaud guilty of bribing foreign public officials and money laundering. The former president of the Swiss Bankers Association has been given a two-year suspended prison sentence.
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Ex head of Swiss Bankers Association convicted of corruption
The Federal Criminal Court, which was trying the now-retired Geneva banker under summary proceedings, upheld the facts set out in the indictment by the Office of the Attorney General of Switzerland (OAG). After questioning Mirabaud, the Court read out the operative part of its judgement on Tuesday morning.
According to the indictment, Pierre Mirabaud granted benefits totalling CHF82 million ($100 million) at the request of a senior Kuwaiti official so that the latter would invest public funds in the bank of the same name.
In return, the Kuwaiti national, who was chairman of the Public Social Security Institution (PIFSS) of that Gulf state, invested part of the institution’s funds – amounting to more than $500 million (CHF405 million) – with the Geneva-based private bank.
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A brief history of Swiss banking oversight and its scandals
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