Swiss bank Cramer & Cie escapes prosecution in Petrobras bribery case due to statute of limitations

Geneva-based private bank Cramer & Cie has avoided prosecution in connection with the massive Petrobras corruption scandal in Brazil. The Swiss Federal Public Prosecutor's Office (MPC) closed the case against the bank, which had been suspected of "organizational deficiencies" related to money laundering. The bank allegedly held approximately $32.5 million in bribes intended for six former Petrobras officials.

The decision, made in January but revealed recently, means the bank will not be added to the list of Swiss institutions convicted in the sprawling corruption case. While the MPC acknowledged that the "objective conditions" for money laundering were present, the statute of limitations prevented further legal action. The bank's Tessin branch was reportedly the one involved.

Although the case is closed and no compensation will be awarded to Cramer & Cie for its defense costs, the MPC will cover the procedural expenses. Lawyers for Cramer & Cie declined to comment on the matter. Separately, a distinct investigation targeting a former bank board member and one of its managers was also concluded earlier this year.

The Petrobras scandal, involving Brazil's semi-public oil company, has led to numerous convictions and investigations worldwide, implicating politicians and business leaders in a vast network of corruption and bribery. Cramer & Cie's involvement centered on its alleged role in facilitating the movement of illicit funds.