Ex-Swiss banking chief admits bribes in Kuwait deal case

A former senior figure in Swiss banking has admitted to paying tens of millions of dollars in bribes, with a verdict expected on Tuesday in Switzerland's Federal Criminal Court. Pierre Mirabaud, once a partner at the private bank Mirabaud & Cie and head of the Swiss Bankers Association from 2003 to 2009, is accused of making hundreds of payments totalling 82.3 million Swiss francs (about $101.7 million) to a Kuwaiti government official between 2000 and 2012.

According to the indictment, the payments were made in exchange for the official directing business worth $595.2 million to the bank. The document states that Mirabaud, now 77, was aware of the risks associated with the payments and accepted the possible consequences. He has accepted the key facts of the corruption and money-laundering case.

Mirabaud retired from the bank in 2009 but continued as a consultant until 2012. The Kuwaiti official, who has since died, was previously convicted in absentia for corruption and embezzlement in Kuwait. The bank itself is not a party to the case and declined to comment.

The trial, being held under an accelerated process in Bellinzona, is expected to last just one day. Swiss law allows for up to five years in prison for such offences, but prosecutors have sought a 24-month suspended sentence, citing Mirabaud's age, clean record, and cooperation with investigators.

Separately, Swiss financial regulator FINMA said in 2024 that it had confiscated 12.7 million francs of unlawfully generated profits from Mirabaud & Cie over violations of financial market law and money-laundering obligations. The regulator's investigation concerned business relationships that at times accounted for nearly 10% of the bank's assets under management and were linked to a deceased businessman accused of tax evasion. The bank said at the time it had cooperated fully and that the case "settles the past."