The Swiss Federal Court has reinstated the conviction of former Raiffeisen CEO Pierin Vincenz and his co-defendant Beat Stocker.

Both were found guilty in 2022 by the Zurich District Court of fraud, breach of trust, and passive bribery.

Vincenz faces a prison sentence of three years and nine months, while Stocker was sentenced to four years.

The charges include misuse of corporate credit cards for personal expenses and secretly profiting from company acquisitions.

The Zurich Higher Court had previously annulled the verdict, citing issues with the indictment's detail and translation.

However, the Federal Court ruled the indictment met legal standards and sent the case back for appeal proceedings.

This decision marks a significant turn in a high-profile legal battle.