Former Raiffeisen chief Vincenz defends himself on appeal in Zurich

The appeal trial of Pierin Vincenz, former chief executive of Raiffeisen, continued on Tuesday before Zurich's appeals court with the questioning of the defendant. Earlier that morning, the court had rejected requests filed the previous day by the defence, which had sought to have the case dropped by arguing that some of the alleged offences had lapsed under the statute of limitations.

During questioning, the 70-year-old from Graubünden grew increasingly reticent. He repeated that all the expenses he is accused of had always had a professional dimension. He cited the trip to New York with his daughters, during which he said he visited bank branches, and a date arranged through the app Tinder for a five-star hotel in Zurich, which he said was meant to help him get familiar with social media. He said his numerous visits to strip clubs, which according to the indictment generated bills totalling around 200,000 francs, were likewise professional in nature.

Vincenz is accused, together with his former business partner Beat Stocker, of having illegally enriched himself by holding concealed stakes in companies before their acquisition by Raiffeisen or Aduno. The first-instance verdict also concerned abusive expense claims. In April 2022 Vincenz was sentenced to three years and nine months in prison; Stocker, former head of the credit card company Aduno, received four years. Both had been found guilty of fraud, aggravated criminal mismanagement and passive private bribery.

The disputed travel expenses

Regarding private trips charged to the bank's credit card, totalling more than 100,000 francs, Vincenz stood by his account, saying he had kept professional appointments during those trips. He repeatedly referred back to statements he had already made before the district court, saying he could no longer remember everything.

For the 70-year-old, it is clear that “Raiffeisen is running a trial to destroy me,” while the bank still owes him “an awful lot of money.” He was reluctant to discuss his personal circumstances, citing the intense media attention on his case. He did say, however, that he had moved to Ticino, to Figino near Lugano, after selling his villa in Niederteufen, in the canton of Appenzell Ausserrhoden. Another of his properties, the villa in Morcote, had been put up for auction in April 2024.