A high-profile banking case is back in court, with disputed corporate expenses and millions in alleged personal benefits again under scrutiny.

Former Raiffeisen Bank Switzerland CEO Pierin Vincenz appeared in court again in Zurich on August 10. The cantonal High Court began hearing his appeal against his 2022 fraud conviction, one of the most high-profile corporate trials in Switzerland’s modern history.

The judges are re-examining allegations that Pierin Vincenz and his business partner, Beat Stocker, unlawfully enriched themselves during company acquisitions. According to the prosecution, they first acquired stakes in businesses before Raiffeisen or payment company Aduno later purchased those assets.

Expenses charged to Raiffeisen corporate cards

The appeals court will also revisit incidents involving Pierin Vincenz’s personal expenses. Prosecutors alleged that he used corporate credit cards to pay for expenses amounting to thousands of Swiss francs in red-light districts in Switzerland, strip clubs, trips to Dubai, and a Tinder date billed to the bank.

Both Pierin Vincenz and Beat Stocker have consistently denied any wrongdoing. During the first trial, Vincenz said the money had been spent to maintain business relationships.

However, the Zurich District Court concluded that such expenses were not in the bank’s interests. In April 2022, the court found Pierin Vincenz guilty of fraud, breach of trust, and passive bribery, sentencing him to three years and nine months in prison.

Beat Stocker was sentenced to four years in prison at the time.

Why the Pierin Vincenz case is being heard again

In 2024, the Zurich High Court overturned the verdict on procedural grounds. However, Switzerland’s Federal Supreme Court restored the possibility of an appeal hearing, leading to the new proceedings.

Hearings are scheduled through August 21 because of the large volume of materials and the complexity of the proceedings. If that is not enough time, the court has already set additional dates for late August and early September.

The 70-year-old Pierin Vincenz remains free pending a final decision. The proceedings may be prolonged, as the Zurich High Court’s ruling can also be appealed to Switzerland’s Federal Supreme Court.