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Former CEO of Raiffeisen Switzerland released from custody

Pierin Vincenz, a former CEO of cooperative bank Raiffeisen Gruppe Switzerland, was released from custody by Zurich's public prosecutor's office June 12 after 106 days in pretrial detention, Blick reported.

Vincenz was detained at the end of February over potential breach of trust linked to payments firm Aduno Holding AG and private equity firm Investnet AG, a current and former unit of Raiffeisen Gruppe Switzerland, respectively. The investigation is still ongoing even though Vincenz and Aduno CEO Beat Stocker have been released, the Zurich prosecutor's office confirmed, according to Blick.

Pretrial detention usually lasts for up to three months but the court allowed Vincenz to be held longer, answering to the prosecutors' concerns that he may suppress evidence, Blick said.

Vincenz managed to quash a conflict of interest investigation launched against him by the Swiss financial market watchdog Finma last year by resigning from all boards of Finma-supervised financial firms. However, the parallel investigation Finma launched against Raiffeisen Gruppe Switzerland is still ongoing, the report said. Thus the pressure on current Raiffeisen CEO Patrik Gisel remains high even after the resignation of chairman Johannes Rüegg-Stürm in early March. Gisel was questioned by authorities in late March.

Both Vincenz and Gisel deny any wrongdoing.