Who is Pierre Mirabaud and what is he accused of?

Pierre Mirabaud, 77, was president of the Swiss Bankers Association (SBA) from 2003 to 2009 and represents the Geneva-based private bank Mirabaud. He is accused by the Office of the Attorney General of Switzerland of bribery of foreign public officials and aggravated money laundering, in connection with alleged retrocessions of 82 million francs promised to the president of the Public Institution for Social Security (PIFSS) of Kuwait between 2000 and 2012.

When and where will the trial be held?

The trial will open at the beginning of September before the Federal Criminal Court (FCC) based in Bellinzona, in a simplified procedure before a single judge. The investigation by the Office of the Attorney General of Switzerland was launched in 2021, but the exact date of the first hearing is not yet specified in the source.

What funds are involved and how much is the compensation?

The Kuwaiti social security institution PIFSS, which is comparable to the Swiss AHV, has reportedly entrusted the Mirabaud bank with around 500 million dollars (about 400 million francs) in public funds. The defence has already paid the PIFSS compensation of 42 million francs, equivalent to about half of the disputed retrocessions.

What penalty was requested by the federal prosecutor's office?

The Office of the Attorney General of Switzerland has applied for a suspended prison sentence of 24 months. The defendant has chosen the simplified procedure and acknowledges the alleged facts, circumstances that usually affect the final determination of the sentence in federal proceedings.

Mirabaud on trial at the TPF for corruption: 82 million disputed (cross-border guide)

Di Redazione Frontaliere Ticino · Published on 28 August 2026

Federal Criminal Court in Bellinzona, venue of the Mirabaud trial

The former president of the Swiss bankers (2003-2009) accused of corruption and money laundering for alleged demotions to the PIFSS of Kuwait.

Context

In a nutshell

Pierre Mirabaud on trial at TPF for corruption and money laundering
Accused of bribing a Kuwaiti official between 2000 and 2012
Promises of relegations for 82 million francs to manage public funds
Defense: 42 million already compensated to PIFSS; penalty requested 24 months suspended

Key facts

What: Prosecution for bribery of foreign public officials and aggravated money laundering
Who: Pierre Mirabaud, former president of the Swiss Bankers Association (SBA) 2003-2009
When: Hearing begins in September; disputed facts between 2000 and 2012; investigation initiated in 2021
Where: Federal Criminal Court (TPF) in Bellinzona; investigation by the Federal Public Prosecutor's Office (MPC)
Counterpart: President of the Public Institution for Social Security (PIFSS) of Kuwait, an entity comparable to the Swiss AVS
Amount disputed: 82 million francs of promised retrocessions
Funds managed: about 500 million dollars (about 400 million francs) entrusted to the Mirabaud bank
Compensation: 42 million francs already paid to PIFSS
Penalty requested: 24 months suspended with probation

Pierre Mirabaud, former president of the Swiss Bankers' Association (ASB) between 2003 and 2009, will be tried in early September by the Federal Criminal Court (TPF) on charges of bribery of foreign public officials and aggravated money laundering. This is reported by the Keystone-ATS agency, which obtained a copy of the indictment.

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Operational details

A story that touches the Swiss financial centre

The case comes at a time of increasing attention to the conduct of Swiss institutions in foreign markets, particularly in the area of asset management on behalf of sovereign wealth funds and public social security institutions. The news directly concerns the reputation of a private Geneva bank with historical roots in the Swiss financial landscape.

# Dispute Numbers

The indictment sets two precise economic thresholds. On the one hand, the alleged undue retrocessions, quantified at 82 million francs, corresponding to about 20% of the funds entrusted by the Kuwaiti entity. On the other hand, the compensation already made, amounting to 42 million francs. It remains unspecified in the source whether this sum is the result of a pact with the power of attorney or a unilateral defense initiative, nor any additional amounts disputed by way of compensation.

What is disputed on a legal level

The cases of crime — bribery of foreign public officials and aggravated money laundering — are among the typical cases prosecuted by the MPC against Swiss financial operators active abroad. The penalty requested, 24 months suspended with the conditional sentence, reflects the choice of the simplified procedure and the recognition of the facts by the defendant. The source does not specify whether the judgment also includes typical ancillary measures in the area of corruption and money laundering, such as disqualification

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Key points

What to know ahead of the hearing

For those who follow the evolution of the Swiss financial center and relations with foreign sovereign funds, the process offers some concrete elements to monitor in the coming weeks.

Subjects and phases of the procedure

Defendant: Pierre Mirabaud, 77 years old, former ASB president 2003-2009, representative of the Mirabaud private bank in Geneva.
Prosecution: Office of the Attorney General of Switzerland (OAG), which opened the investigation in 2021.
Judge: Federal Criminal Court (TPF), simplified procedure before a single judge.
Offended counterparty: Public Institution for Social Security (PIFSS) of Kuwait, compensated with 42 million francs.
Disputed period: 2000-2012.
Start of hearing: beginning of September, Bellinzona location.

What might emerge

The source indicates that the accused recognizes the disputed facts and has already paid 42 million francs in compensation to the PIFSS. The following remain unspecified in the source: the exact date of the start of the hearing, the possible quantification of the confiscation, the timing of the filing of the sentence and the possible appeal.

Indicators to follow

The outcome of the proceedings could offer useful indications on the evaluation of federal magistrates in cases of international corruption involving private Swiss institutions. In particular, it will be interesting to verify how the TPF takes into account the partial compensation received and the choice of the simplified procedure in determining the final sentence.

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Frequently Asked Questions

Who is Pierre Mirabaud and what is he accused of?: Pierre Mirabaud, 77, was president of the Swiss Bankers Association (SBA) from 2003 to 2009 and represents the Geneva-based private bank Mirabaud. He is accused by the Office of the Attorney General of Switzerland of bribery of foreign public officials and aggravated money laundering, in connection with alleged retrocessions of 82 million francs promised to the president of the Public Institution for Social Security (PIFSS) of Kuwait between 2000 and 2012.
When and where will the trial be held?: The trial will open at the beginning of September before the Federal Criminal Court (FCC) based in Bellinzona, in a simplified procedure before a single judge. The investigation by the Office of the Attorney General of Switzerland was launched in 2021, but the exact date of the first hearing is not yet specified in the source.
What funds are involved and how much is the compensation?: The Kuwaiti social security institution PIFSS, which is comparable to the Swiss AHV, has reportedly entrusted the Mirabaud bank with around 500 million dollars (about 400 million francs) in public funds. The defence has already paid the PIFSS compensation of 42 million francs, equivalent to about half of the disputed retrocessions.
What penalty was requested by the federal prosecutor's office?: The Office of the Attorney General of Switzerland has applied for a suspended prison sentence of 24 months. The defendant has chosen the simplified procedure and acknowledges the alleged facts, circumstances that usually affect the final determination of the sentence in federal proceedings.