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The note seems laconic and says a lot about the previous culture Raiffeisen out. "It was probably once again an oral agreement between Pierin Vincenz," says the report by Bruno Gehrig, Raiffeisen's special investigator. No one at the headquarters of the company wished to fall out of favor with the former head of Raiffeisen. He was therefore able to change offices and operate there without being worried, concluded the investigation.
However, the report hides what is being investigated by the Zurich prosecutor. There is therefore no clear evidence of criminal Pierin Vincenz or other Raiffeisen executives. Instead, it shows how Raiffeisen Switzerland worked under the Vincenz era and how all checks failed.
Raiffeisen acquired companies for around CHF 1 billion between 2012 and 2015. However, according to the report, some transactions showed a "naked torso" that "accelerated the purchase of equity without taking due account of commercial logic, price and risk ". This is seen in the development of the asset management business for professional clients.
Company too high
Raiffeisen, for example, acquired a company through an indirect subsidiary, with a value of CHF 17 to 19 million. An "outside adviser close to Pierin Vincenz" – wonders if that is what his important partner, Beat Stocker wanted to say – reviewed the note to justify a value of 35 million dollars.
In the end, the price was fixed at 30 million francs. 10 million of them should sink only after reaching certain goals. The report states that more than half have been paid without meeting the agreed targets. Raiffeisen therefore reduced its investment by 14.3 million euros, nearly half of the amount invested.
According to the report, Vincenz promised a severance payment of 850,000 francs to a former member of the Raiffeisen management in Switzerland. The generous farewell gift, but should be approved by the board. Instead, Vincenz provided the banker with a three-year consulting contract. It was signed by the boss of Raiffeisen and another member of the board of directors. A consultation service has never been called. The bank does not disclose his former employee.
Bruno Gehrig led the
Special investigations. Photo: Keystone
For the first time, the cost of the Vincenz era was estimated. They should rise to a maximum of 300 million francs. This includes depreciation on investments and treatment of contaminated sites. Raiffeisen President Guy Lachappelle wants to reduce the damage: "We want to bring back as much as possible."
Nobody is therefore caught, not even the former deputy Vincenz and successor of Patrik Gisel. The bank commissioned a report from the Homburger law firm to investigate the possibility of claiming individuals. Raiffeisen also checks if the PWC auditor has fulfilled his task. The mandate of the auditors will also be auctioned this summer.
Lawyers doubt that it is possible to hold former executives accountable. She should be able to prove that her actions directly caused damage to the bank. The report could be used to claim damage to insurance. Such policies would often cover around 100 million francs. For a Zurich commercial lawyer, the Gehrig report therefore provides at most an intermediate reading. In the worst case, he is just a public relations representative who helps to deport guilt to individuals.
Desired whistleblower
In recent months, the Bank's Board of Directors has been reorganized. The renewal has now captured the direction. At the end of last year, Vincenz's successor, Patrik Gisel, and his acting successor, Michael Auer, announced their departure. Board members Gabriele Burn, Beat Hodel and Paulo Brügger announced their resignation. No one from the Raiffeisen leadership of the Vincenz era is no longer in office.
The bank apparently wanted to give a signal. Now the posts are gradually filled. He also wants to use internal talent. First, he will now check which functions should be represented in the management. By the summer, the management should be finished again.
As an immediate first step in the Gehrig report, the bank has set up an alert launcher post. The investigation revealed that there were internal warning voices. But they were not heard. Now, they must be known in the business. It must be shown that the launcher had a model, said Lachappelle.
(Editors Tamedia)
Created: 23.01.2019, 07:26 am
Raiffeisen President Guy Lachapelle in front of the imminent printer of 300 million photocopiers
Mr Lachappelle, after examining the Gehrig report, asks himself the following question: what is the extent of the damage suffered by Raiffeisen?
The lack of leadership and control, organizational failures and a person-centered culture resulted in financial disadvantages, but most importantly a damage to the reputation of the entire Raiffeisen group.
Raiffeisen is threatened by a significant radiation of up to 300 million francs. Will it already take place in the current exercise?
Yes, the photocopier takes place during the year 2018 and does not exceed CHF 300 million.
What is most disappointing you: the failure of control? Or is the severance pay unfounded for a team?
The board of directors of Raiffeisen Switzerland deplores the extent of the breaches noted. The Gehrig report confirms that before 2015, the diversification strategy had led to serious deficiencies in the acquisition and management of stakes over several years.
What went wrong?
The granting processes and the usual control mechanisms have not been seized, which is particularly shocking. It takes a fresh start with a strong culture of responsibility.
Blame for the previous conditions Pierin Vincenz not alone. The old leadership failed. What concrete measures can be used to improve culture at Raiffeisen Switzerland?
The Board of Directors of Raiffeisen Switzerland proposes a set of measures that focus on three themes: the establishment of a culture of strong responsibility, the improvement of management and the control and governance. This is accompanied by a renewal of the committees. This concerns more specifically the management of Raiffeisen Switzerland.
The interview was conducted in writing. (Editors Tamedia)
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