Raiffeisen: Former CEO’s Custodial Arrest extended

Raiffeisen's former CEO Pierin Vincenz remains in custody as Swiss prosecutors widened their probe. Two more individuals are now being investigated. Mr. Vincenz has been detained for two and a half months so far.

The prosecutor’s office justified the extension of the custodial period with possible further illegal transactions that had come to light. These transactions relate to operations at payments specialist Aduno.

Prosectors have widened their probe to include two persons tied to Vincenz and ex-Aduno board member Beat Stocker, both of whom are in custody. Police investigators conducted home and workplace searches of the two individuals.

Criminal proceedings for complicity in fraudulent conduct have now been opened against the two others, who were not named by the prosecutor’s office. These two persons were released after questioning by the prosecutors.

Further investigations are now likely, which is the reason given for extending the custodial period. The prosecutor’s office has come under fire in the media for keeping the ex-Raiffeisen head in custody for such a lengthy period.