Pierre Mirabaud, the 77-year-old former president of Switzerland’s Bankers Association, has pleaded guilty to money laundering and systematic illicit commission payments. These charges are linked to a decade-long relationship with Kuwait’s Public Institution for Social Security (PIFSS). Mirabaud allegedly granted Fahad Al-Rajaan, former PIFSS director-general, unauthorized rebates totaling 82.33 million Swiss francs between May 2000 and March 2012. In return, Al-Rajaan directed PIFSS assets to Mirabaud’s Geneva-based private bank, which reached approximately $595 million by late 2012.
The Federal Criminal Court in Bellinzona has scheduled a summary trial for September 8 to confirm procedural compliance and assess the appropriateness of the sentence. Prosecutors have requested a 24-month suspended prison term, citing Mirabaud’s lack of recent professional activity, declining health, and cooperation with authorities, including his participation in a global settlement with Kuwait’s Social Security Authority. The money-laundering charges cover 122 transfers valued at nearly 77 million francs, structured through multiple entities like the Silvery Bay entity to obscure their origin.
This investigation is part of the broader “Orient Express” probe launched by Swiss federal prosecutors in 2021. Pierre Mirabaud led the Swiss Bankers Association from 2003 to 2009. His nephew, Yves Mirabaud, also faced separate money-laundering charges that concluded in May with a summary penalty. Kuwait has pursued legal action against Al-Rajaan and associates internationally, with civil proceedings in the U.S. and U.K. alleging he received $969 million in kickbacks before his death in London in 2022. Other financial institutions, including EFG, UBP, Pictet, and Man Group, have also faced scrutiny in connection with the PIFSS-related matters. The Mirabaud Group stated it is not a party to the cases against former partners.
