Pierre Mirabaud, former head of Switzerland's banking lobby and senior partner at Mirabaud private bank, was convicted of bribery and aggravated money laundering over SFr82mn ($101mn) in payments to Kuwaiti official Fahad Al-Rajaan. The Federal Criminal Court in Bellinzona handed him a two-year suspended prison sentence. Mirabaud, who led the Swiss Bankers Association from 2003 to 2009, admitted to providing improper payments to secure placement of Kuwait's pension fund assets with his bank.

By 2012, the Kuwaiti institution held $595.3mn in investment funds linked to the scheme. He was also found guilty of money laundering through 122 transfers totaling SFr77mn designed to obscure the payments. Mirabaud personally earned $1.8mn from the arrangement and must pay SFr82,000 in legal costs.

The retired banker called it a "very grave error of judgment" and accepted responsibility. Al-Rajaan, who died in London in 2022, was previously convicted in Kuwait of corruption. The bank itself faced no charges.