In autumn 2008, following an investigation lasting several years, the Zurich authorities brought charges against Dr Joerg Fischer and Hans-Peter Bachmann, both former managers of the Vontobel group and former officers of Private Equity Holding, in relation to their involvement in the capital increase of PEH carried out in March 2000.

As the court hearing starts, the Swiss private bank has issued a statement saying it expects a claim of around SFr130 million (about $125 million) but stresses that no criminal charges are being brought against Bank Vontobel itself.

Vontobel considers the petition for recovery of assets to be without foundation for various stated reasons and will call for it to be dismissed. The bank also says that it reached a comprehensive settlement with PEH in 2001, has not identified any legal basis for the recovery of assets or for claims for damages on the part of PEH and has therefore made no provisions in respect of these claims.