The note sounds succinct and says a lot about the past culture at Raiffeisen . “It was probably a verbal agreement between Pierin Vincenz”, it says in the report of Raiffeisen-special investigator Bruno Gehrig. No one at the company’s headquarters didn’t want to fall in the former Raiffeisen CEO in disgrace – so he can turn unmolested in the exercise and, thus, the conclusion of the investigation.
The report shows, however, what is investigated by the Zurich Prosecutor’s office. It is, therefore, no clear evidence for a criminally relevant behavior of Pierin Vincenz or other managers at Raiffeisen. Instead, he shows how Raiffeisen Switzerland, worked under the Era Vincenz and how all the controls failed.
Between 2012 and 2015, were purchased from Raiffeisen for around 1 billion Swiss francs companies. In some transactions, a “shirt-sleeves” that forced the “purchase of participations without adequate consideration to economic logic, price, and risks, expressed according to the report, but”. This is evident in the establishment of the asset management business for professional clients.
high
a rating of Raiffeisen fixed acquired, through an indirect subsidiary is a company whose value Raiffeisen-internally, with 17 to 19 million Swiss francs. An “external consultant, the Pierin Vincenz was close” – a question of whether this will be a key business partner Beat Stocker is meant to have the assessment reviewed, to justify a value of 35 million.
At the end of the price has been set at 30 million francs. 10 million should flow to Achieve certain objectives. According to the report, more than half was paid out of it, without the agreed milestones were reached. Raiffeisen wrote therefore to the Investment of 14.3 million – almost half of the amount invested.
A former squad member of Raiffeisen Switzerland promised Vincenz, according to the report, a Severance payment of 850’000 Swiss francs. The generous parting gift would have to have been from the VR approved. Instead, Vincenz provided the Banker with a three-year fixed-term consultant contract. This was signed by the Raiffeisen-chief and another member of the Executive Committee. A consulting service but was never “recalled”. What the former employee is not open to the Bank.
Bruno Gehrig to the special investigation launched. Photo: Keystone
for the First time, now puts the cost of the Era Vincenz. They should amount to a maximum of 300 million Swiss francs. Therein copyist on investments and the work-up of Contaminated sites are included. Raiffeisen-President, Guy Lachappelle wants to reduce the damage: “We are trying to get as much as possible back again.”
Nobody was, therefore, off the hook, not even Vincenz’ former Deputy and successor on the post of CEO Patrik Gisel. The Bank has been at the Homburger law firm a report in order to examine whether individuals ‘ recourse can be taken. Raiffeisen also checks whether the accountants PWC, its task was fulfilled. The mandate for statutory auditors is organised in the summer also.
lawyers doubt that it will be possible to pull the old leadership to justice. You should be able to demonstrate that their actions have caused the Bank damage. The report could serve to make the damage for the insurance claim. Such policies have often a coverage of around 100 million Swiss francs. For a Zurich-based business lawyers, in the Gehrig-report is therefore only an intermediate state, in the worst case, he was merely PR, the help, the debt to individual persons to deport.
Whistleblower desired
In the last few months has been established by the Board of Directors of the Bank, now the renewal has captured the business line. The end of last year announced Vincenz-successor Patrik Gisel and his interim successor, Michael Auer their farewell. Now the members of the Executive Board Gabriele Burn, Beat Hodel and Paulo Brügger announced her resignation. So no one is out of the Raiffeisen-leadership from the Era Vincenz longer in office.
The Bank wanted to put in order, apparently, a sign. Now the Posts will be filled. It will also rely on internal talents. First, it is checked which functions are to be represented in the Executive Board. Up in the summer, the management is said to be complete again.
As a first immediate measure on the Gehrig-report has introduced the Bank of a Whistleblower. The investigation considers that there was internal warning voices. But they were not heard. Now you should be in business. It will be shown that the Whistleblower had a role model, so Lachappelle.
(editing Tamedia)
Created: 23.01.2019, 07:26 PM
