Investor Alecta says does not rule out Swedbank get new board soon

Police raid Swedbank's offices in Stockholm

Police raid Swedbank's offices in Stockholm

Idermark apologized for the bank's approach, telling shareholders he "deeply regrets" the developments.

The Swedish Economic Crime Authority (EBM) said it had expanded its probe into Swedbank to include possible fraud, suggesting that the bank might have been aware of the money laundering schemes it was allegedly involved in.

Regulators in Sweden, Estonia, Latvia and Lithuania began investigating Swedbank after SVT in February reported allegations that 50 clients transferred at least 40 billion crowns ($4.3 billion) between Baltic accounts at Swedbank and Danske Bank over the same period. "Therefore, the board has made a decision to dismiss Birgitte Bonnesen from her position", chairman Lars Idermark said in a statement. At 5:12 pm (1612 GMT), it was trading down 7.53 per cent.

The raid took place early Wednesday at the bank's offices in Sundbyberg, a suburb outside Stockholm, and continued for several hours, according to an AFPTV journalist at the scene. Based on leaked documents, the news channel reported that Swedbank was doing business with more than a hundred companies that had links with Mossack Fonseca.

United States authorities have opened an investigation into under-fire Swedish bank Swedbank over suspicions it misled them over its customers' ties to the infamous law firm Mossack Fonseca.

CEO Birgitte Bonnesen, who oversaw the bank's anti-money laundering policy between 2009 and 2011 before heading its Baltic operations until 2014, has repeatedly said she has confidence in the lender's anti-money laundering procedures and that the bank reported suspicious transactions to authorities. The figures are considerably larger than first thought and come amid reports that Swedbank allegedly also misled US authorities regarding its suspicious customer activities.

Amnesty slams Brunei's new 'vicious' Islamic criminal laws
This is one of the many new controversial laws under the stricter Syariah law that was on hold for the past four years. It also rejected recommendations to this effect in its human rights review at the United Nations in 2014.

According to SVT, numerous suspicious transactions took place between 2007 and 2015, and some of the money may have first gone via Danske Bank, which is at the centre of a giant money-laundering scandal.

An investigation by the Swedish public broadcaster pointed to an internal Swedbank report which showed how accounts linked to the so-called Magnitsky case were moved through the bank as late as 2018, while the bank's management had full knowledge of the origin of the money since 2013.

While the bank didn't want to comment on the sum quoted by SVT, it did tell the broadcaster that the internal report is an example of Swedbank's efforts to include external help in clarifying whether or not it has been abused for the goal of laundering money.

"The focus now has to be on restoring confidence", Swedbank's interim CEO Anders Karlsson told shareholders.

The letter also demands that Swedbank hand over documents about its relations with Danske Bank, which was caught up in a money-laundering scandal a year ago.

It has been alleged that the bank has been used to move billions of dollars out of Russian, similar to a €200bn scandal at the Estonian operations of Denmark's Danske Bank a year ago, which caused its chief executive Thomas Borgen to resign.

Recommended News

  • Ranbir Kapoor is well brought up and balanced man: Soni Razdan

    Ranbir Kapoor is well brought up and balanced man: Soni Razdan

    I think whoever Alia has dated before or will date, (it) is her choice and her life. She said that it has been happening to her from past five to six months.
    Lyft Prices Shares At $72, Gets Valued At $24 Billion Before IPO

    Lyft Prices Shares At $72, Gets Valued At $24 Billion Before IPO

    The big test was underway Friday as the company's stock begins trading on the Nasdaq exchange under the ticker symbol "LYFT". Lyft's revenue was $2.16 billion for 2018, double the previous year's and far higher than $343 million in 2016.
    Washington lifts Kentucky over Houston in return

    Washington lifts Kentucky over Houston in return

    The Tar Heels never seriously threatened after that because they couldn't stop the Tigers from beyond the arc. CBS Sports was with you throughout the game on Friday night from Kansas City with our live blog below.
  • India smart speaker biz touched a new high in 2018: IDC

    The IDC Tracker Charts app allows users to view data charts from the most recent IDC Tracker products on their iPhone and iPad. Google Home Mini emerged as the top seller by outselling all the other smart speakers in India.
    Kimora Lee Simmons mocks college admissions scandal

    Kimora Lee Simmons mocks college admissions scandal

    Yeah, you read that right, she's 16, and not only going to college , but going to the Beyoncé of higher education. She's on her way to #Harvard! "You are super smart and you can do anything and everything you set your mind to".
    The next-gen Smart will be built and engineered by China's Geely

    The next-gen Smart will be built and engineered by China's Geely

    Daimler now develops and builds Smart cars with Renault, and constructs the small vehicles at factories in France and Slovenia. Chinese auto firm Geely has taken a 50% stake in Smart from Mercedes-Benz parent Daimler, the two companies have confirmed.
  • Great March of Return anniversary protests begin in Gaza

    Great March of Return anniversary protests begin in Gaza

    A United Nations inquiry says Israeli soldiers may have committed war crimes during the marches - a charge Israel rejects. Israel defends its use of lethal force, saying that its troops are defending the border and Israelis living near it.
    River water persisted on Mars much later than thought

    River water persisted on Mars much later than thought

    Intense flow may have occurred in the river channels between 3.6 and 1 billion years ago, and even after that, researchers found. If a clearer picture of Mars' climate history does emerge, it could have applications beyond Red Planet research, Kite said .
    Brexit vote: What next after Theresa May's failure?

    Brexit vote: What next after Theresa May's failure?

    And in another blow to May, the Democratic Unionist Party (DUP ) also said it too would not back the agreement on Friday. On Friday, by a 286-344 vote, the British parliament rejected the European Union withdrawal agreement for a third time.
  • Earth Hour: landmarks to switch off lights to help save planet

    Earth Hour: landmarks to switch off lights to help save planet

    Partit Demokratiku will be celebrating Earth Hour by candlelight in the village square of Mqabba at a pub on Triq San Bażilju. Paris's Eiffel Tower, New York's Empire State Building and the Acropolis in Athens will all take part in Earth Hour.
    Piers Morgan hopes Prince Harry knows what he's doing with Meghan Markle

    Piers Morgan hopes Prince Harry knows what he's doing with Meghan Markle

    Prince Harry has sent the sweetest birthday card to his most devoted fan, Australian war widow Daphne Dunne . This isn't the first time Morgan has slammed Markle. "I'm so glad I got to meet you", Markle told Dunne .
    Out Of Juice: Apple Pulls the Plug on AirPower

    Out Of Juice: Apple Pulls the Plug on AirPower

    Several Apple iPhone models support wireless charging , though Apple does not offer its own wireless charging device as of now. United States tech giant Apple apologized to customers who had been looking forward to the release of the canceled AirPower.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.