SWITZERLAND - Roland Rümmeli, the former asset manager of the Siemens Pensionskasse, has been convicted by the Swiss authorities after confessing to involved in the payment of 'kickbacks' concerning the Swissfirst merger.   The public prosecution office in Zurich had investigated payments made to Rümmeli in the course of the Swissfirst affair in 2006 (See earlier IPE article: Rümmeli knew of Swissfirst merger)   "Mr Rümmeli has confessed and he has paid back [to the Siemens Pensionskasse] a substantial sum," public prosecutor Arno Thürig confirmed to IPE.   Rümmeli was convicted of multiple cases of embezzlement and will have to pay a fine, Thürig noted but did not want to give the amount.   The case never had to go to court because Rümmeli confessed to the crime.   Government officials publicly confirmed in October 2007 the signatory of one confidentiality agreement produced days before the merger was Roland Rümmeli, former investment head of the Siemens Switzerland pension fund, indicating pension funds may have been aware of a potential merger in the offing and possible insider trading knowledge which influenced share trading   "The document is a confidentiality agreement on the merger between Swissfirst and Bellevue signed by Rümmeli a few days before the merger," public prosecutor Arno Thürig confirmed to IPE.

The Siemens retirement scheme was one of six Pensionskassen which sold their shares in Swissfirst shortly before the September 2005 merger with Bellevue bank, but which did not appear to profit from the increases in share prices of up to 40% after the deal was announced.

Topics