The appeal trial of former Raiffeisen chief executive Pierin Vincenz opened in Zurich on Monday, with his defence asking the High Court to dismiss the case before it considers the substance of the allegations. The proceedings concern alleged conflicts of interest, undisclosed financial benefits, company expenses and irregularities linked to acquisitions involving Raiffeisen and the payments company Aduno.
The case is one of Switzerland’s biggest and longest-running white-collar crime proceedings.
The Zurich High Court has scheduled several weeks of hearings, with a ruling not expected immediately.
Vincenz was one of Switzerland’s best-known banking executives. He led Raiffeisen Switzerland from 1999 until the end of 2015 and helped expand the cooperative banking group into the country’s third-largest bank.
After leaving his position as chief executive, he became chairman of the board of Helvetia Insurance. Around the same time, questions began to emerge about private investments and potential conflicts of interest involving companies that were later acquired by Raiffeisen or its subsidiaries.
The allegations ultimately ended Vincenz’s career and led to a criminal investigation. He was arrested in February 2018 and spent several months in pre-trial detention before being released.
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What Are The Main Allegations?
At the centre of the case are several corporate transactions, particularly the acquisitions of the credit-card company Aduno and the Investnet Group. Prosecutors allege that Vincenz and his long-time business partner, Beat Stocker, held undisclosed interests in companies that were later acquired by Raiffeisen or Aduno.
The prosecution claims that the two men used their positions on the buyer side of the transactions to secure personal financial benefits. Because their interests were allegedly not disclosed, the relevant boards and decision-making bodies were unable to assess the transactions independently, according to the prosecution’s case.
The indictment also includes allegations involving company funds and expenses. Prosecutors accuse Vincenz of using corporate credit cards for private or questionable spending, including restaurant visits, luxury travel and visits to nightclubs. Vincenz has denied the criminal allegations and has argued that expenses were connected to managing business relationships.
The charges include fraud, qualified breach of trust, passive bribery, forgery and other alleged financial offences. The defendants maintain that the transactions were economically justified and that they did not commit criminal acts.
Former top Swiss banker Vincenz back in court to fight 2022 conviction https://t.co/2F8hPviwlB https://t.co/2F8hPviwlB
— Reuters (@Reuters) August 10, 2026
Pierin Vincenz Case: What Happened in 2022?
After a lengthy investigation, the Zurich District Court opened the first-instance trial in January 2022. The proceedings involved Vincenz, Stocker and other defendants and became one of the most extensive corporate-crime trials in Swiss judicial history.
In April 2022, the District Court found Vincenz guilty of several offences, including fraud, qualified breach of trust, passive bribery and forgery. It sentenced him to three years and nine months in prison. Stocker received a four-year prison sentence.bluewin+1
The court also concluded that the defendants had personally enriched themselves through certain corporate takeovers and had caused financial harm to Raiffeisen and Aduno. However, they were acquitted on some of the charges.
The 2022 judgment was not immediately final because the defence, the prosecution and private plaintiffs filed appeals.
Why Was the Case Sent Back?
In January 2024, the Zurich High Court overturned the District Court’s judgment because of serious procedural defects. It found that the indictment and the defendants’ right to be heard did not meet legal requirements and sent the case back to the public prosecutor’s office.
That decision appeared to send the proceedings back to the beginning. The public prosecutor would have had to correct the indictment and bring the case again before the District Court.
However, the Federal Supreme Court later rejected the Zurich High Court’s approach. In February 2025, it ruled that the defects did not justify cancelling the original judgment and ordered the High Court to proceed with the appeal instead.
Vincenz subsequently withdrew a challenge against the Federal Supreme Court’s decision, clearing the way for the appeal hearing in Zurich.
Why Does the Defence Want Dismissal?
At the opening of the appeal, Vincenz’s lawyer asked the Zurich High Court to dismiss the case. Defence lawyers have also argued that some of the alleged offences are time-barred, an issue that could prevent the court from examining particular accusations.
The defence continues to challenge the prosecution’s interpretation of the transactions and expenses. It argues that the business deals made economic sense and rejects the claim that Vincenz used his position to enrich himself unlawfully.
The court must now decide how to handle those preliminary objections before moving fully into the evidence and the allegations. Any dismissal request would have major consequences, but the court has not yet ruled on it.
The Zurich High Court is expected to conduct a comprehensive review of the first-instance judgment. Judges will examine the disputed acquisitions, the alleged conflicts of interest, the handling of company funds and the individual roles of Vincenz, Stocker and the other defendants.
The hearings are expected to continue through August and may extend into additional dates later in the month and in September because of the size of the case files and the number of allegations.
Vincenz remains presumed innocent unless and until a final conviction is reached. A ruling by the Zurich High Court could itself be appealed to the Federal Supreme Court, meaning the case may continue to occupy Switzerland’s courts and financial sector for years to come.
