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The Zurich Public Prosecutor’s Office has launched a new investigation into the case involving former Raiffeisen boss Pierin Vincenz (67). As “SonntagsZeitung” writes, there is a suspicion that Vincenz and his adviser, Beat Stocker (63), secretly allowed the money to be paid.
Lukas Ruflin (48), current boss of financial product provider Leonteq, and founder Jan Schoch (46). Ruflin and Schoch sold their subscription rights as part of a 2014 capital increase by the Raiffeisen Group.
Expensive capital increase
According to the article, it concerns suspicion of hidden cash flow in connection with Leonteq’s capital increase. On July 24, 2014, Leonteq announced that it would increase its capital by 20 percent. As a result, the stock fell 14 percent. Even then, there were suspicions that the price of the new shares’ purchase rights might be too high. This may explain some of the price drop.
Schoch and Ruflin received approximately 20 million francs for the sale of their subscription rights to Raiffeisen. Some of the money is said to have flowed to Vincenz and Stocker, supposedly as bribes, in an illegal payback.
According to the public prosecutor, if the suspicion of hidden cash flow is confirmed, it would be fraud and disloyal business deals. The public prosecutor emphasized that anyone involved in the incident could also be acquitted and that the presumption of innocence was valid. Ruflin, Schoch, and Stocker knew nothing about the investigation and denied any offense.
New light on the Vincenz process
Stocker’s lawyer says in the paper: “We have no information about the said capital increase or any criminal proceedings. Mr. Stocker had nothing to do with the Leonteq issue.”
New investigations shed new light on the Vincenz case: In April last year, the former Raiffeisen boss and Beat Stocker were found guilty before the Zurich District Court of fraud, attempted fraud, embezzlement, unfair business management and forgery of documents.
Vincenz was sentenced to three years and nine months in unconditional imprisonment. He also has to pay a conditional fine of CHF 840,000.
His business partner, Beat Stocker, was sentenced to four years in prison. There is also a conditional fine of CHF 480,000. In addition, the damaged companies Raiffeisen and Aduno have claimed compensation for an as yet undetermined amount.
However, these decisions have not been finalized yet, and both the prosecutor’s office and the convicts appealed. This appeal process before the Zurich Supreme Court could begin in about a year. (co)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
