SWITZERLAND - Siemens Switzerland portfolio manager Roland Rümmeli is being held in custody on suspicion of receiving payments in relation to a merger between banks Swissfirst and Bank-am-Bellevue.
Rümmeli has been suspended from his post. A spokesperson for the Swiss pension fund ascertained he was, "innocent until proven guilty."
The was the first arrest in the case, though, reportedly, other pension fund managers are being investigated.
Swissfirst was said to have been under investigation for two months in connection with alleged insider dealing linked to the merger with Bellevue.
According to reports, Swissfirst invited managers of a number of pension funds, including Siemens, to sell their Swissfirst shares prior to the merger. Therefore, the funds did not benefit from the rise in share price that followed.
Following the Rümmeli arrest, Swissfirst AG denied the rumours it had engaged in bribery and financial impropriety.
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