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Former Vontobel Employees Cleared By Court
Knud Noelle
22 January 2010
The Zurich district court fully dismissed charges in connection with the capital increase of Private Equity Holding, PEH, brought by Zurich’s public prosecutor against two former employees of Bank Vontobel, Dr Joerg Fischer and Hans-Peter Bachmann. The court judged the capital increase of PEH to have been executed correctly. As a result, the petition for the recovery of assets filed against Bank Vontobel by the public prosecutor’s office has become void and has been dismissed in full. Vontobel said in a statement that it believes the claims for damages brought against the firm in connection with the PEH capital increase have therefore no prospect of success. In autumn 2008, following an investigation lasting several years, the Zurich authorities brought charges against Dr Fischer and Mr Bachmann. Vontobel had said from the very beginning that it considered the petition for recovery of assets to be without foundation.