Former partner of the Swiss private bank Mirabaud & Cie and former chairman of the Swiss Bankers Association, Pierre Mirabaud, admitted to paying huge bribes to a deceased Kuwaiti government official. On September 8, he was sentenced to two years in prison by the Swiss Federal Criminal Court, with a suspended sentence.
According to reports from the Swiss national broadcaster SRF, the court handled the case in a brief session in Bellinzona, with the entire process lasting only half a day. The prosecution’s indictment stated that the 77-year-old Mirabaud made hundreds of payments totaling around 82.3 million Swiss francs (approximately 101.7 million US dollars) to the Kuwaiti official between 2000 and 2012, in exchange for bringing around 595.2 million US dollars in business to Mirabaud bank.
The indictment indicated that Mirabaud was aware of the risks associated with these payments and accepted the potential consequences. The case also involves money laundering charges, including 122 fund transfers used to conceal the source of illegal commissions. Mirabaud retired from the bank in 2009 but continued to serve as a consultant until 2012, and he has acknowledged the key facts related to the case.
Considering Mirabaud’s advanced age, lack of criminal record, and cooperation with the investigation, the prosecution asked for a sentence of 24 months in prison. Swiss law allows for suspended sentences when there is no risk of re-offending. The Kuwaiti official involved in the case has passed away and was previously convicted in absentia by Kuwait for corruption and embezzlement of public funds.