Swedish dirty-money scandal has investors demanding deep purge

The group says Swedbank appears to have fostered a tendency to “take lightly” the regulations and laws it should have followed. For that reason, the bank shouldn’t be allowed to appoint a new leadership from within its own ranks, it says.“This is such a serious mess,” he said. “Swedbank, also for symbolic reasons, needs to choose a CEO and chairman from the outside.”

The saga has challenged assumptions of Nordic probity, as local media almost weekly uncover new revelations of suspicious dealings within the upper ranks of the region’s financial circles. Swedish Financial Markets Minister Per Bolund says Swedbank’s actions “have put at risk the trust in both the Swedish banking sector and Sweden as a whole.”

But Swedbank has so far been reluctant to share what it knows with the public. It released a redacted report conducted by an external consultant in March, without providing any numbers. Management said it would initiate a second report, though it also made clear it may not release its findings to the public, drawing criticism from investors.

Birgitte Bonnesen, who lost her job after three years as CEO, had repeatedly sought to downplay the affair, feeding concerns that she misled investors, analysts and the media on multiple occasions. She had enjoyed the backing of Idermark until a week before she was fired. The day she was ousted, Bonnesen told local media she felt she’d done nothing wrong.

Source: Loan Digest (loandigest.net)

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