Swedbank faces stakeholder scrutiny on money-laundering report

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Swedbank faces stakeholder scrutiny on money-laundering report

More pestering had been mounting over Swedbank, as some of its biggest stakeholders was pressing the lender to reveal more intel on what it knew about the accusations of a money-laundering scandal linked to Danske bank’s Estonian branch.

After a media report had unfolded its link to a scandal involving funneling of money through Danske Bank’s Estonian branch, at least six of top twenty stakeholders of Swedbank, collectively holding 14.5 percent of the Swedish lender’s share, told media that they had been seeking more insight regarding the scandal.

On February 20th 2019, a Swedish Television program had aired a program, accusing Swedbank’s connection with laundering at least 40 billion Swedish Crowns between Danske and Swedbank between 2007 and 2015. Onwards, the report prodded a prob onto the laundered money by the financial watchdogs of Estonia and Sweden.

Although the Swedbank had met with intense criticisms following the reveal of the report, the Swedbank Chief Executive, Birgitte Bonnesen had been quoted saying that she could not comment on the details of the specific transactions because of Swedish banking secrecy laws.

However, the bank had been forced to prepare an external report commissioned by Bonnesen amid growing investor’s pressure before its annual gathering due to be held on March 28th. Citing a potential dialogue with the lender, Swedbank’s 11th largest investor, Magdalena Wahlqvist Alveskog, an acting CEO of Handelsbanken Asset Management, said, “We are having a dialogue with the company on the issues that we think we need more information on to be able to continue to be investors in the company. ”