The Public Prosecutor’s Office in Switzerland is to appeal against a court decision earlier this year to dismiss charges against former employees of
Bank Vontobel surrounding a capital increase in Private Equity Holding.

“The Public Prosecutor’s Office III of the Canton of Zurich has filed an appeal against the decision reached by the Zurich District Court in the criminal proceedings relating to the capital increase of Private Equity Holding AG (PEH) that were brought against former employees of Bank Vontobel,” Vontobel said in a statement.

“As previously announced, the Zurich District Court fully dismissed the charges brought by the Public Prosecutor’s Office against former employees of Bank Vontobel AG, as well as the petition for the recovery of assets from Bank Vontobel, in its ruling of 19 January 2010,” it said.

Vontobel said it will apply for the PPO’s appeal to be dismissed.

“The Zurich District Court unequivocally rejected the charges as well as the petition for the recovery of assets and criticized the investigation. The statement of the reasons for the judgment clearly indicates that the Court considers the Public Prosecutor's Office III to be biased and regards major aspects of the charges to be simply 'implausible',” the statement continued.