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On July 25, Daniel Senn must answer to the Federal Criminal Court of Bellinzona. The Prosecution accuses former partner and board member KPMG of having used insider information.
Daniel Senn (Archives: National Bank Press Conference of 7 March 2012). (Image: Steffen Schmidt / Keystone)
Next week, July 25, Daniel Senn will answer the Federal Criminal Court of Bellinzona. The Prosecution accuses the ex-partner and board member of the consulting and testing company KPMG of having used insider information, as reported in the newspaper "Schweiz am Wochenende" ". In addition, Senn would not have had to hand over to the Federal Audit Authority any documents requested by it.
Allegations against Senn go back to the call for tenders for the Basel Sarasin-based private bank in 2012. Several interested parties, including Raiffeisen, Julius Baer and the Brazilian group Safra, wanted to expand their business asset management by acquiring the medium-sized Sarasin, sold by its owner, the Dutch Rabobank. According to the Federal Prosecutor's Office, Senn, who headed a review mandate for Julius Baer for KPMG, would have had access to a July 2011 minutes regarding the Sarasin acquisition project.
In September 2011, Senn picks up the phone and orders the purchase of 2,000 Sarasin shares for a total price of 50,000 CHF. Shortly after, the auditor doubled his stake and ordered 2,000 shares at the same price. He booked the shares in his children's account. In October, the public heard about Bank Sarasin's takeover talks. Their shares jumped 15% and Senn received a book profit of $ 30,000, according to the prosecution, he would have knowingly and voluntarily used the inside information to give himself a financial benefit to himself or to his children. Not Julius Baer, but the Safra group has finally made the run for Sarasin with a cash offer of a billion dollars.
The Supervisory Authority, who was Senn's auditor, asked him in 2013, in case of suspicion of insider trading, to provide him with detailed records of his work, transactions and accounts. Because Senn did not fully comply with these wishes, the authority withdrew it in 2014 as the auditor and reported it to the federal prosecutor's office.
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