A former Raiffeisen executive, Pierin Vincenz, has withdrawn his appeal to the Federal Court, effectively accepting the court’s decision. The case will now proceed to the Canton of Zurich’s Higher Court for further proceedings.
Background of the case
Pierin Vincenz and another main defendant are suspected of misusing company credit cards for personal purposes and exerting unauthorized influence in business takeovers for their own benefit.
In 2022, the District Court of Zurich found Vincenz and his co-defendant, Beat Stocker, guilty of embezzlement, multiple counts of fraudulent business management and passive bribery. However, in 2024, the Higher Court of Zurich overturned the verdict and sent the case back to the prosecution for re-drafting the indictment.
The Higher Court justified its decision, stating that the indictment exceeded the legal framework and resembled a plea instead. Additionally, a portion of the indictment was not translated into the native language of one of the defendants. The Federal Court, however, rejected these objections and upheld the first-instance verdict.
With Vincenz’s decision to forgo an appeal to the Federal Court, the case will now move forward to the Higher Court, where the previous findings of the Federal Court will be taken into consideration.