Ex-Raiffeisen CEO Vincenz Appeals Fraud Conviction in Zurich Court

Former Raiffeisen Bank chief executive Pierin Vincenz appeared before a Zurich high court on Monday as his appeal against a 2022 fraud conviction got underway. The case, one of the most closely watched corporate trials in recent Swiss history, centres on allegations that Vincenz and his business associate Beat Stocker enriched themselves through company acquisitions.

Prosecutors allege the two men took personal stakes in firms before arranging for Raiffeisen or the payments company Aduno to buy them. The court is also re-examining Vincenz's corporate expenses, which prosecutors say included thousands of francs spent in Swiss red-light districts, strip clubs, trips to Dubai, and a Tinder date billed to the bank.

Vincenz and Stocker have consistently denied any wrongdoing. At the original trial, Vincenz argued the spending was part of managing business relationships. The district court, however, found the expenses were not in the bank's interest and convicted him of fraud, unfaithful business management, and passive bribery in April 2022, sentencing him to three years and nine months in prison. Stocker received a four-year sentence.

The conviction was overturned on procedural grounds by the Zurich high court in 2024, but Switzerland's Federal Supreme Court later reinstated the verdict, clearing the way for the current appeal.

Vincenz, 70, remains free pending a final decision. The hearings are scheduled to run through August 21, with additional dates set for late August and early September if needed. Any ruling from the high court could still be appealed to the Supreme Court, meaning the case may continue for some time.