For the record
Kristian Kabashi: the Numarics and Radicant matter
Zürich · Last reviewed: July 2, 2026
When Numarics merged into Radicant, I joined as Chief Operating Officer and gave the integration everything for the year I was there (2024 to 2025). Radicant's parent, Basellandschaftliche Kantonalbank (BLKB), later recorded a write-down on its Radicant investment, and the transaction is the subject of official reviews: an investigation by the Swiss Financial Market Supervisory Authority FINMA and a parliamentary investigation commission (PUK) of the Basel-Landschaft cantonal parliament. I support these reviews and am cooperating fully. As of July 2, 2026, per the cited public statements, no Swiss authority has named me personally or alleged misconduct by me; the FINMA and cantonal (PUK) review concerns the procedures and background of the transaction at the bank-governance level. I will not pretend an open review is already decided; what I take from it is a sharper respect for integration realism and governance.
The record below quotes the primary sources verbatim, with dates and links, so anyone can check the scope for themselves.
What the official record says
BLKB, official announcement · 3 July 2025
On the value adjustments on its radicant holding investment:
Insgesamt bewertet die BLKB die Kostenbasis der radicant-Gesellschaften als zu hoch.Translation: Overall, BLKB assesses the cost base of the radicant companies as too high.
SWI swissinfo.ch (English) · 3 July 2025
On the size and stated reasons of the write-down:
The main reasons for the adjustments are unforeseen problems with the integration of the fiduciary business of Radicant Business Services and an excessively high cost base.BLKB, official news release on the independent expert review · 11 September 2025
On what the independent review it commissioned examined, and where responsibility sits, in BLKB's own words:
Die Einschätzungen und Empfehlungen des Berichts beziehen sich auf drei Bereiche: Angemessenheit der internen Abläufe und Governance, Entscheidungsgrundlagen der Gremien sowie Berichterstattung gegenüber dem Haupteigner und Ad hoc-Publikationspflichten.Translation: The report's assessments and recommendations relate to three areas: adequacy of internal processes and governance, the decision-making bases of the governing bodies, and reporting to the principal owner and ad hoc disclosure obligations.
Die oberste strategische Verantwortung für das Scheitern eines strategischen Projekts trägt das oberste Führungsgremium, also in unserem Fall der Bankrat.Translation: The ultimate strategic responsibility for the failure of a strategic project lies with the highest governing body, in our case the Bankrat.
Radio Basilisk, reporting remarks by BLKB interim chair Thomas Bauer · 11 September 2025
On whether the expert report assigns blame to individuals:
Der Bericht beinhalte aber keine «Schuldzuweisung» an bestimmte Personen oder Gremien, betonte Bauer.Translation: The report, however, contains no «allocation of blame» to specific persons or bodies, Bauer emphasized.
SRF News, reporting on the expert review · 11 September 2025
On where the review found the deficiencies:
Die Gewaltenteilung zwischen Geschäftsleitung und Bankrat sei beim Kauf von Numarics nicht angemessen eingehalten worden.Translation: The separation of powers between the executive board and the board of directors, the report finds, was not appropriately observed in the purchase of Numarics.
BLKB, official announcement of the FINMA investigation · 19 February 2026
On the FINMA investigation, its subject, and the cantonal PUK:
Die BLKB informiert darüber, dass die Eidgenössische Finanzmarktaufsicht FINMA eine Untersuchung der Abläufe und Hintergründe der radicant-Numarics-Transaktion gestartet hat.Translation: BLKB announces that the Swiss Financial Market Supervisory Authority FINMA has started an investigation into the procedures and background of the radicant-Numarics transaction.
Die BLKB und die radicant ag (vormals radicant bank ag) kooperieren bei dieser Untersuchung vollumfänglich mit der FINMA.Translation: BLKB and radicant ag (formerly radicant bank ag) are cooperating fully with FINMA in this investigation.
Die Parlamentarische Untersuchungskommission des Landrats (PUK), die gerade ihre Arbeiten aufnimmt, ist von uns über die Untersuchung der FINMA informiert worden.Translation: The parliamentary investigation commission of the cantonal parliament (PUK), which is just taking up its work, has been informed by us about the FINMA investigation.
finews.com (English) · 19 February 2026
On what FINMA is examining:
It is examining the processes and background of the transaction.Roles and timeline
- 2020
- Co-founded Numarics AG in Zürich, an AI-powered finance and fiduciary platform. Co-Founder and CXO until 2024; the company raised CHF 12.4 million.
- 30 December 2024
- radicant announces the closing of the merger with Numarics. Its release states: "COO wird Numarics-Mitgründer Kristian Kabashi." (Translation: "Numarics co-founder Kristian Kabashi becomes COO.") Source: radicant.com, 30.12.2024
- 2024 to 2025
- Chief Operating Officer of radicant holding ag through the integration year. I left the role in 2025.
- 3 July 2025
- BLKB announces value adjustments of CHF 105.5 million on its radicant holding investment and names integration delays and the cost base as the main reasons.
- 11 September 2025
- BLKB publishes the results of the independent expert review it commissioned into the circumstances of the transaction and the write-down.
- Late 2025
- The Basel-Landschaft cantonal parliament establishes a parliamentary investigation commission (PUK); per BLKB's February 2026 release, it took up its work at the start of 2026.
- 19 February 2026
- BLKB announces that FINMA has started an investigation into the procedures and background of the radicant-Numarics transaction. Both reviews are ongoing.
This page quotes official statements and established Swiss media verbatim, links every source, and will be updated as official findings are published.
Kristian Kabashi · kristiankabashi.com