Reported by finews.com

There has been a turn of events in the case which would have seen the first Swiss company to be held accountable in court. 

The ex-CEO of Falcon Private Bank and the bank were acquitted in a ruling issued Monday, according to «AWP». The Appeals Chamber stated that it was not possible to prove money laundering, according to the Office of the Attorney General of Switzerland.

Swiss prosecutors had alleged wrong-doing in a stake that Aabar Investments, the Abu Dhabi vehicle through which the oil-rich emirate controlled Falcon, took in Italian bank Unicredit. During last month’s trial, the Federal Prosecutor’s Office demanded a prison sentence of 21 months and a fine of 90 daily rates for the banker.

Read full report: https://www.finews.com/news/english-news/58129-acquittal-falcon-private-bank-case