Pierre Mirabaud, former head of Switzerland’s banking lobby, has been convicted of bribery and aggravated money laundering involving more than 82 million Swiss francs (approximately $101 million) in illicit payments to a Kuwaiti official. The Federal Criminal Court in Bellinzona handed Mirabaud a two-year suspended prison sentence on Monday.

Mirabaud, a senior partner of the Geneva-based private bank Mirabaud for three decades and president of the Swiss Bankers Association from 2003 to 2009, stood at the pinnacle of Switzerland’s banking sector during the period covered by the case. After stepping down as a partner, he served as a consultant to the bank.

The case centered on Fahad Al-Rajaan, the former director-general of Kuwait’s Public Institution for Social Security (PIFSS). Swiss prosecutors argued that Mirabaud paid Al-Rajaan more than 82 million Swiss francs in bribes to secure decisions directing PIFSS assets to Mirabaud and to investment funds partially managed by the banking group. By the end of 2012, the Kuwaiti pension fund reportedly held $595.3 million under management linked to these transactions.

In addition to bribery, Mirabaud was convicted of aggravated money laundering related to 122 financial transfers totaling nearly 77 million Swiss francs. Authorities said these transfers were designed to conceal the illegal origins of the funds and impede their recovery.

During the hearing, Mirabaud acknowledged the charges and described his conduct as a “very grave error of judgment.” He admitted earning $1.8 million personally through the arrangement. The court also ordered Mirabaud to pay 82,000 Swiss francs in legal and court expenses and imposed a two-year probationary period.

The trial was conducted under Switzerland’s simplified procedure, which requires the defendant to accept the facts and proposed sentence submitted to the court.

Al-Rajaan, who managed Kuwait’s pension fund for nearly 30 years, was previously convicted in Kuwait on corruption and embezzlement charges and died in London in 2022.

Founded in Geneva in 1819, Mirabaud is one of Switzerland’s oldest private banks. The institution itself was not implicated as a defendant in the case.

Mirabaud’s attorney commented that he had fully cooperated with authorities throughout the decade-long investigation. “Today he accepts responsibility for his actions, in accordance with the principles of individual responsibility, to which he has always been deeply committed,” the lawyer said, adding that the settlement concludes the matter.