Former Swiss Banker Admits Millions in Bribes to Kuwaiti Official

A former executive of Swiss private bank Mirabaud has admitted to paying bribes totaling 82.3 million Swiss francs (about 85 million USD) to a Kuwaiti government official between 2000 and 2012, in exchange for business deals worth 595.2 million USD. The Swiss Federal Prosecutor’s Office is seeking a 24-month probationary sentence, citing the defendant’s age, lack of prior convictions, and cooperation with authorities. Under Swiss law, prison sentences are typically suspended without condition if there is no risk of reoffending. Pierre Mirabaud, who served as president of the Swiss Bankers’ Association from 2003 to 2009, left Mirabaud in 2009 and worked as a consultant until 2012. The bank declined to comment on the case, while Mirabaud’s legal representative did not immediately respond to requests for a statement. The Kuwaiti official, who died before the case was resolved, was previously convicted in absentia for corruption and mismanagement of public funds. Mirabaud’s actions come amid broader scrutiny of Mirabaud’s compliance with Swiss anti-money laundering regulations. The Swiss Financial Market Supervisory Authority (Finma) imposed a 12.7 million Swiss franc fine in 2024 for violations of the country’s anti-money laundering laws, including improper handling of business relationships that once constituted nearly 10% of the bank’s total assets. Mirabaud, founded in 1819, is one of Switzerland’s oldest private banks.