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ABOUT THE AUTHOR

Konrad Häuptli graduated from the University of Berne, qualified as an attorney-at-law and was admitted to the Bar of the Canton of Berne. He joined HSBC in 2002 after working with Swiss Re for over 20 years. He then went on to work for KENDRIS in 2016 after retiring as former CEO of HSBC’s Trust Companies in Switzerland. Konrad Häuptli is a member of the Advisory Board of the Swiss Association of Trust Companies (SATC) and is also a member of mixed expert groups representing SATC. He has been managing family assets and has been involved in entrepreneurial activities, board assignments as well as private equity investments.

Bad Timing for Pierre Mirabaud

by Konrad K Häuptli | Sep 8, 2026 | Regulatory

k-flash audio commentBad Timing for Pierre Mirabaud

The case

Pierre Mirabaud, former president of the Swiss Bankers Association, was a staunch defender of banking secrecy.

Source: NZZ am Sonntag, 30.08.2026, page 33 – Beatrice Bösiger

The commentary

In 2005 he predicted banking secrecy would survive for at least another 15 years – ironically enough, he was proven wrong.

Now the 77-year-old former banker faces charges of bribing a foreign official as well as money laundering. The case centers on Fahad al-Rajaan, former head of Kuwait’s social security authority.

According to prosecutors, Mirabaud paid al-Rajaan CHF 82.3 million in kickbacks between 2000 and 2012, while the Kuwaiti authority was holding around CHF 595 million with Mirabaud.

Mirabaud has confessed and cooperated with investigators. Prosecutors are seeking a 24-month suspended sentence. The case will be heard by the Federal Criminal Court in Bellinzona today.

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