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3 hours agoRaiffeisen Bank engaged in financial scandal
Periskopi(8 years ago)
(8 years ago)Since February of this year, Raiffeisen Bank banking company in Switzerland has been involved in a major financial scandal in which former executive director of the bank Pierre Vincenz is allegedly directly involved. The banker who led Raiffeisen Bank to Switzerland for three years became the target of launching investigations by [...]
The banker, who led Raiffeisen Bank to Switzerland for three years, became the target of launching investigations by Swiss prosecutors and was placed in custody for fifteen weeks earlier this year.
Pierre Vincenz is suspected of conflict of interest and fraud even though he ran the third largest bank in Switzerland. Once the investigation was launched against him, Vincenz resigned from the position of executive director of Raiffeisen Bank in Switzerland.
Pierre Vincenz is being prosecuted over fraud allegations
Following Vincenz's arrest, Raiffeisen also faced procedures by the Swiss Financial Market Supervision Authority (FINMA). The financial overseer accused Raiffeisen of major failings in the bank's management.
FINMA said the bank board must have controlled its former executive director, involved in the scandal.
Meanwhile, the Raiffeisen bank based in St. Gallen said she would join the investigation against her former executive director. He tried to stay away from the scandal involving the bank head.
However, Pierre Vincenz's scandal has taken effect on Raiffeisen Bank. Following Vincenz's resignation, two senior leaders of Raiffeisen Bank resigned as a result of the impact of the scandal and the difficulty of protecting the bank's reputation, writes Inseder.
