Vincenz appeal trial opens with defence challenges

Switzerland’s Zurich Higher Court has begun hearing the appeal against former Raiffeisen CEO Pierin Vincenz and six other defendants, SRF reported on Monday. The first day focused entirely on preliminary legal issues, with most of the defendants challenging the proceedings.

Vincenz appeared in public after a long absence and, as during the first trial, seemed relatively cheerful and open. The proceedings themselves were calm.

Vincenz and most of the other defendants argued that some of the allegations had become time-barred and that the case should therefore be discontinued. Defence lawyers also said the case files were incomplete because new evidence had emerged.

One lawyer described the indictment as invalid, arguing that the prosecution had shown it to an external expert in advance. SRF business editor Isabel Pfaff said the objections were mostly not new but showed that the defence was trying to delay the trial as much as possible or even prevent it from continuing.

The prosecution alleges that Vincenz and his business partner Beat Stocker secretly acquired stakes in companies that were later bought, among others, by Raiffeisen. They allegedly made millions from those transactions. Vincenz is also accused of excessive expense claims.

In 2022, Zurich District Court convicted Vincenz of fraud, mismanagement and passive bribery and sentenced him to three years and nine months in prison. He appealed, leading to the current proceedings before the Higher Court.

The case has attracted significant public interest because it involves seven defendants, an indictment of almost 400 pages and millions of francs. It also raises questions about how far senior managers may go. Vincenz had been regarded as an unusually down-to-earth banker, making the allegations that he had enriched himself unlawfully and spent huge sums on expenses a particularly dramatic reversal.

The work of Zurich’s justice authorities is also under scrutiny. A complaint is pending before the Federal Supreme Court, which must determine whether serious procedural errors were made. If the complainants succeed, the investigation may have to start again, potentially delaying the case considerably.

Nine more hearing days are planned. The court is expected next to begin taking evidence, probably by questioning Vincenz, followed by closing arguments. The court may then take weeks or months to reach a verdict. Observers also expect the case to be appealed to the Federal Supreme Court.