Investigators Probe Pictet Offices Over Petrobas Affair; Bank Says Matter Resolved

Editorial Staff 31 March 2022

Investigators Probe Pictet Offices Over Petrobas Affair; Bank Says Matter Resolved

The Swiss bank pointed out that the probe is about matters taking place as far back as 2005, and that it engaged with FINMA on the topic eight years ago and resolved the case in 2015.

Swiss investigators have searched Pictet’s Geneva premises in connection with a corruption saga centred on Brazilian energy conglomerate Petrobas, according to media reports.

Investigators from the Public Ministry of the Confederation searched the bank’s premises in the middle of March, Le Temps reported earlier this week. 

The Swiss newspaper said that Pictet is accused of criminal proceedings for corruption and money laundering, but added that Pictet has said it made internal investigations in 2014 and settled the case the following year with FINMA, the national Swiss regulator.

“This inquiry relates to matters which primarily occurred more than a decade ago and as early as 2005,” a spokesperson for Pictet told WealthBriefing. “Pictet engaged with FINMA about this topic in 2014 following an internal review and resolved it with the regulator in 2015.”

This publication understands that Pictet is one of several international financial institutions involved in the Federal Attorney’s inquiry, which is only at a preliminary stage.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes