A former partner of the Swiss private bank “Mirabaud & Cie”, who once led the Swiss banking lobby organization, has confessed to paying tens of millions of dollars in bribes. On Tuesday, he was sentenced to two years in prison, suspended, according to reports.
Swiss federal prosecutors have stated that Pierre Mirabaud conducted hundreds of payments totaling 82.3 million Swiss francs (approximately $101.7 million) to a Kuwaiti government official between 2000 and 2012 in exchange for bringing business worth $595.2 million to the bank.
At 77 years old, Mirabaud was aware of the risks associated with these payments and accepted the potential consequences if the risk materialized, as indicated in court documents. He led the Swiss Bankers Association from 2003 to 2009.
The proceedings at the Federal Criminal Court in Bellinzona lasted just half a day.
Banker Claims to Value “Principles of Responsibility”
Mirabaud, who left the bank in 2009 and continued consulting until 2012, admitted to the main facts concerning the corruption and money laundering case.
His attorney, Saverio Lembo, stated that the two-year suspended sentence reflects Mirabaud’s cooperation with authorities throughout the extensive investigation.
“He now accepts the consequences of his actions, in line with the principles of individual responsibility that he values,” Lembo remarked. The bank, which was not part of this case, declined to comment.
The Kuwaiti official, who has since passed away, was convicted in absentia in Kuwait for corruption and embezzlement of public funds.
How the Swiss Banker Avoided Jail Time
In Switzerland, corruption and money laundering can be punished with fines or imprisonment of up to five years. However, prosecutors requested only 24 months of detention for Mirabaud, citing his age, lack of prior convictions, and cooperation with investigators.
Generally, sentences in Switzerland are suspended if there is no perceived risk of re-offending.
Founded in 1819 in Geneva, Mirabaud Bank is among the oldest private banks in Switzerland and is currently led by the seventh generation of the founding family.
Major Misconduct Found at the Bank
In 2024, the Swiss Financial Market Supervisory Authority (FINMA) reported seizing 12.7 million francs in illicit profits from the bank, following violations of financial market regulations and anti-money laundering obligations.
FINMA stated that its investigation targeted business relationships that at one point represented nearly 10% of the bank’s total managed assets and were linked to a businessman accused of tax evasion, who has since passed away. The identity of those involved was not disclosed.
Mirabaud previously stated that he fully cooperated to assist FINMA in resolving the case, which the bank referred to as “closing a chapter from the past.”
