Blogger Comment: Anyone associated with Soros has very big question marks against them and where Soros’s background from the Nazi era to the present day makes very interesting reading for anyone…as Soros only knows one thing…to make money, wealth and power all together and by whatever means is necessary…nothing wrong with that, but when it’s Soros it is completely different kettle of fish to any other person and where by betting on the devaluation of the UK Pound (£) and his actions, he devalued the wealth of a whole nation and the harm that it did in and after 1992, as it was Soros’s actions which led to a profit for him of approximately £1 billion as the pound was forced to devalue and where this event is one of the most famous examples of a speculative attack on a currency with all the harm it caused to the British people with the Pound not being worth what it used to be…nice guy really…
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The former head of Switzerland’s powerful banking lobby has been convicted of bribery and aggravated money laundering after admitting to making more than $100 million in payments to a Kuwaiti official in exchange for steering state pension assets toward his bank.
Pierre Mirabaud, 77, was convicted Tuesday by Switzerland’s Federal Criminal Court in Bellinzona over SFr82.3 million, approximately $101.7 million, in payments made to Fahad Al-Rajaan, the former director-general of Kuwait’s Public Institution for Social Security.
Mirabaud, the former senior partner of the Geneva private bank bearing his family name, admitted the facts during the hearing and received a two-year suspended prison sentence.
“[He made] a very grave error of judgment,” Mirabaud told the court.
The retired banker acknowledged that he personally earned $1.8 million from the arrangement.
$100 Million Paid for Kuwaiti Pension Business
Prosecutors said the payments stretched from 2000 through 2012 and were made in exchange for Al-Rajaan directing Kuwaiti state pension assets into the bank and its investment funds.
By late 2012, the Kuwaiti pension fund had $595.3 million invested in the vehicles, according to the court.
Mirabaud was also convicted over more than 122 transfers totaling almost SFr77 million that prosecutors said were designed to conceal the criminal origin of the payments.
The indictment said Mirabaud understood the risks involved in the arrangement.
“He was aware of the risk associated with these payments and accepted the possible consequences should that risk materialise,” the document said.
The case is particularly striking because of Mirabaud’s position at the heart of Switzerland’s banking establishment.
Mirabaud served as president of the Swiss Bankers Association from 2003 until 2009, placing him at the top of the industry’s leading trade organization during part of the period covered by the prosecution.
He spent 30 years as a partner at Mirabaud before becoming a consultant.
Former Banking Chief Avoids Prison
Swiss corruption and money-laundering offenses can carry prison sentences of up to five years.
Prosecutors instead sought a 24-month suspended sentence, taking into account Mirabaud’s age, lack of previous convictions, and cooperation with authorities.
The proceedings lasted only half a day and were conducted under a simplified procedure in which Mirabaud accepted the facts and the proposed punishment was submitted to the court.
The court imposed the two-year suspended sentence and ordered Mirabaud to pay SFr82,000 in costs.
He will also face a two-year probationary period.
Mirabaud has previously described himself as a longtime hedge fund investor.
In an interview with the Hedge Fund Journal, he said he had maintained investments with some managers for 25 years, naming George Soros and Paul Tudor Jones among them.
Kuwaiti Official Later Convicted of Corruption
Al-Rajaan controlled Kuwait’s state pension fund for nearly three decades.
Kuwait later convicted him in absentia of corruption and embezzlement. He died in London in 2022.
His estate is now among the defendants in a separate $1 billion civil lawsuit brought by the Kuwaiti pension fund in London’s High Court.
The case also names asset manager Man Group and Swiss bank EFG, both of which deny wrongdoing.
Mirabaud’s conviction adds another damaging chapter to the long-running money-laundering and corruption controversies surrounding Switzerland’s banking industry.
For decades, Swiss banking built a global reputation around discretion, secrecy, and access to enormous pools of international wealth.
Now, one of the men who once stood at the very top of that establishment has admitted to participating in a scheme involving more than $100 million in payments to a foreign government official, while personally pocketing $1.8 million from the arrangement.
Follow the link for the source… https://slaynews.com/soros-linked-former-swiss-banking-chief-convicted-102-million-bribery-scheme/
And,
World Freedom 