SWITZERLAND - The former head of asset management at Switzerland's BVK is believed to have taken CHF1.5m (€1.1m) in bribes between 1997 and 2010, according to Zurich's public prosecutor.

Daniel Gloor, who was dismissed from his job at the pension fund for civil servants in Zurich following his arrest in late May, was released from custody last week, the prosecutor's office said in a statement.

It said: "A strong suspicion remains that the main suspect, who has confessed on a number of matters, took bribes between 1997 and 2010 in connection with his position. The prosecutor's office is estimating bribes of at least CHF1.5m."

It added that Gloor had been released due to the fact there was no longer a risk of collusion, but it declined to comment further until the completion of the case and the ongoing parliamentary investigation.

Following Gloor's arrest, it was discovered that he also managed a second, smaller fund for widows, orphans and professors at the regional University of Zurich, worth CHF200m.

The position had been sanctioned by the finance department of the canton's government, and Gloor held the position for five years, up until his arrest.