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Auction of Pierin Vincenz’s Property In Mendrisio: Hard Times

Auction of Pierin Vincenz’s Property In Mendrisio: Hard Times

Thu, Apr 11th 2024

Former Raiffeisen CEO Pierin Vincenz’s villa and boat mooring in Mendrisio hit the auction block.

KEYSTONE/Ti-Press/Pablo Gianinazzi

A villa and boat mooring owned by Pierin Vincenz will be put up for auction (today) Thursday in Mendrisio.

The former Raiffeisen CEO was sentenced to several years’ imprisonment in April 2022. The sentence has since been overturned.

Former Raiffeisen boss Pierin Vincenz is in financial difficulties. In order to repay debts, Vincenz’s houses in Teufen AR and Ticino are to be sold.

Two plots of land are up for sale in Morcote. One is Vincenz’s villa, which according to media reports is in need of renovation. The estimated value of the 368 square meter house is 3.4 million francs. There is also a boat mooring with a separate apartment, which is estimated to be worth a good 700,000 francs.

The auction will take place on Thursday afternoon in the municipal council hall in Mendrisio.

In April 2022, the District Court of Zurich sentenced Vincenz and his business partners to three years and nine months’ and four years’ imprisonment respectively for fraud and multiple embezzlement.

In the meantime, the Zurich High Court overturned the first-instance verdict against the former Raiffeisen boss.

The 356-page indictment contained “serious procedural errors” and was far too long, the High Court found, and sent the case back to the public prosecutor’s office for revision. The latter lodged an appeal against the ruling with the Federal Supreme Court.

The public prosecutor’s office accuses the defendants of secretly investing in companies and then ensuring that these companies were bought up by Raiffeisen Bank, among others. They are said to have made millions in profits in the process.

©Keystone/SDA

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