June 13, 2018 / 7:35 AM / in 2 months

Former Raiffeisen CEO Vincenz freed from custody, probe continues

ZURICH, June 13 (Reuters) - Former chief executive of Swiss bank Raiffeisen Pierin Vincenz was released on Tuesday, Zurich prosecutors said, after being held in custody for more than three months during an investigation into fraud allegations against him.

Vincenz, who is also a former chairman of cashless payments business Aduno Holding in which Raiffeisen is a major shareholder, has been under investigation since December 2017 on suspicion of breach of trust linked to Aduno as well as private equity firm Investnet. He had been in custody since Feb. 27, Zurich prosecutors said on Wednesday.

The investigation is ongoing, but is so well advanced that Vincenz, and another former Aduno board member who was arrested at the same time, could be released from custody under certain conditions, the prosecutors said.

Vincenz confirmed in a statement he had been released and denied any wrongdoing.

“The provisional custody was not necessary from my point of view and went on for too long,” he said. “I still contest the accusations brought against me in the context of this probe and will defend myself with all means.” (Reporting by Silke Koltrowitz; Editing by Susan Fenton)

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