Who is Pierre Mirabaud and what was his role?

Pierre Mirabaud, 77, was president of the Swiss Bankers' Association (SBA) from 2003 to 2009. He is the owner of the private Geneva bank Mirabaud. He has been investigated by the Federal Public Prosecutor's Office and will be prosecuted by the Federal Criminal Court for bribing a Kuwaiti official in order to obtain the management of large public funds between 2000 and 2012.

How much money was involved in the case?

Mirabaud allegedly promised illegitimate retrocessions totalling 82 million francs to the president of the Kuwaiti PIFSS. In return, the Kuwaiti bank would entrust Mirabaud with half a billion dollars in Kuwaiti public funds (about 400 million francs at current exchange rates). Mirabaud has already reimbursed 42 million francs to PIFSS.

What legal procedure was chosen for the trial?

Mirabaud chose the simplified procedure before a single judge of the Federal Criminal Court (TPF). The process begins in early September 2026. He acknowledged the facts, which significantly speeds up the procedure compared to an ordinary process.

What penalty was requested by the prosecutor?

The federal prosecutor requested a prison sentence of 24 months suspended with probation. It is not a prison sentence, but a prison sentence subject to compliance with conditions that the TPF will have to specify in the sentence.

What period does the charges cover?

The disputed events date back to the period between 2000 and 2012. The criminal investigation was launched in 2021 by the Federal Prosecutor's Office (MPC), reconstructing twelve years of corrupt operations.

Former ASB president on trial for corruption and money laundering (cross-border guide)

Di Redazione Frontaliere Ticino · Published on 27 August 2026

Palace of Justice in Lausanne, seat of the Federal Criminal Court, where Pierre Mirabaud is on trial

Pierre Mirabaud, former president of the Swiss Bankers Association, tried by the TPF for bribery of Kuwaiti funds. 24 months suspended sentence requested.

Context

In a nutshell

Trial at the TPF in early September against former ASB
Accusation: corruption and money laundering for CHF 82 million
24 months suspended sentence requested by federal prosecutor

Key facts

What: Prosecution for bribery of foreign public officials and aggravated money laundering
When: Process beginning September 2026; investigation initiated in 2021
Where: Federal Criminal Court (TPF) of Lausanne
Who: Pierre Mirabaud, former ASB president (2003-2009), 77 years old
Amount: Promised retrocessions: CHF 82 million; reimbursement paid: CHF 42 million

Pierre Mirabaud, former president of the Swiss Bankers' Association (ASB) from 2003 to 2009, will be tried in early September by the Federal Criminal Court (TPF) in Lausanne. The accusation: having bribed a senior Kuwaiti official to obtain the management of large public funds. Mirabaud is 77 years old and has chosen to be tried with a simplified procedure before a single judge, recognizing the disputed facts.

According to the indictment, the events date back to the period between 2000 and 2012. The criminal investigation was initiated in 2021 by the Federal Public Prosecutor's Office (MPC). Mirabaud allegedly promised undue retrocessions totalling CHF 82 million to the president of the Public Institution for Social Security (PIFSS), an entity comparable to the Swiss AVS.

How the corruption scheme worked

In exchange for these demotions, the

Operational details

The significance of the process for the Swiss financial sector

The Mirabaud trial is not a simple case of international corruption. It represents a test of the ability of the Swiss system to control the behavior of bank executives. The ASB, the Swiss Bankers' Association, is the top-level representative body of the private bank in Switzerland. The fact that its former president is on trial for aggravated corruption and money laundering from a transnational scheme directly touches the reputation of the entire Swiss financial center.

The federal prosecutor decided to pursue the case with determination. The investigation, which began in 2021, reconstructed a corruption scheme that operated from 2000 to 2012 — twelve years during which Mirabaud, as president of the ASB and then as a private banker, had illegitimate financial relationships with a Kuwaiti social security entity.

Simplified procedure and fact recognition

Mirabaud opted for a simplified procedure before a single judge. This choice is not random. The admission of the facts implies that the defendant does not contest the accusation and allows a faster decision. The prosecutor's office requested 24 months suspended with probation — a custodial sentence, but not a prison sentence, subject to compliance with conditions to be defined by the TPF.

The payment of 42 million francs to the Kuwaiti PIFSS, which has already taken place,

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Key points

What happens after the trial

The trial before the TPF is public. Lausanne, seat of the Federal Criminal Court, will welcome the proceedings against Mirabaud at the beginning of September 2026. Anyone with an interest — colleagues from the financial sector, journalists, researchers, Swiss citizens — will be able to follow the hearings. The TPF ruling will represent the final verdict on an international corruption scheme that has affected a Swiss banking elite for twelve years.

The financial sector governance message

The process sends a clear message to the Swiss financial sector: transnational corruption, even when perpetrated by recognized leaders such as Mirabaud, does not go unpunished. The Federal Prosecutor's Office has powerful investigative tools, and the TPF has proven its ability to rule on complex corruption and money laundering cases.

For those working at the Swiss private bank, the case raises concrete questions about governance, regulatory compliance and internal oversight. How were twelve years of illegitimate demotions possible without anyone — neither colleagues, nor auditors, nor supervisory bodies — raising an alarm? What internal controls in Mirabaud bank were ineffective?

The SNB, the Swiss National Bank, and FINMA, the Federal Financial Market Supervisory Authority, must assess whether the supervisory architecture is sufficient to prevent similar future scandals.

Source: tio.ch

Frequently Asked Questions

Who is Pierre Mirabaud and what was his role?: Pierre Mirabaud, 77, was president of the Swiss Bankers' Association (SBA) from 2003 to 2009. He is the owner of the private Geneva bank Mirabaud. He has been investigated by the Federal Public Prosecutor's Office and will be prosecuted by the Federal Criminal Court for bribing a Kuwaiti official in order to obtain the management of large public funds between 2000 and 2012.
How much money was involved in the case?: Mirabaud allegedly promised illegitimate retrocessions totalling 82 million francs to the president of the Kuwaiti PIFSS. In return, the Kuwaiti bank would entrust Mirabaud with half a billion dollars in Kuwaiti public funds (about 400 million francs at current exchange rates). Mirabaud has already reimbursed 42 million francs to PIFSS.
What legal procedure was chosen for the trial?: Mirabaud chose the simplified procedure before a single judge of the Federal Criminal Court (TPF). The process begins in early September 2026. He acknowledged the facts, which significantly speeds up the procedure compared to an ordinary process.
What penalty was requested by the prosecutor?: The federal prosecutor requested a prison sentence of 24 months suspended with probation. It is not a prison sentence, but a prison sentence subject to compliance with conditions that the TPF will have to specify in the sentence.
What period does the charges cover?: The disputed events date back to the period between 2000 and 2012. The criminal investigation was launched in 2021 by the Federal Prosecutor's Office (MPC), reconstructing twelve years of corrupt operations.