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DANSKE BANK

Ten former Danske Bank bosses ‘charged in money laundering case’

Ten former leading employees with Danske Bank have been charged in connection with Danish police economic crime unit SØIK’s investigation into money laundering, according to a report.

Published: 8 May 2019 17:18 CEST
Ten former Danske Bank bosses 'charged in money laundering case'
File photo: Jacob Gronholt-Pedersen / Reuters / Ritzau Scanpix

One of the indictments, former CEO Thomas Borgen, was already known. Borgen left Danske Bank, Denmark’s biggest lender, in October last year.

The ten individuals will face charges in connection with activities at Danske Bank’s Estonian branch, newspaper Berlingske reports.

According to the bank’s own internal investigation, up to 1.5 billion kroner flowed through the bank via international customers. A large proportion of the transactions are considered to be suspicious.

Danske Bank is being investigated by authorities in Denmark, Estonia, France and the United States, and formal charges have been brought in Denmark and France.

None of the charged individuals are current or former board members at the bank, Berlingske reports based on information provided by its anonymous sources.

SØIK told Ritzau that it did not wish to comment on the Berlingske report, including on whether any police raids had taken place.

Danske Bank also declined to comment, the news agency writes. The bank’s head of press communications said in a written comment that the bank was cooperating fully with investigators.

Preliminary charges were brought against the bank by SØIK in November last year for violating money-laundering laws between February 2007 and January 2016.

READ ALSO: More on the Danske Bank money laundering scandal

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DANSKE BANK

Danish police drop money laundering case against Danske Bank directors

Denmark’s economic crime unit SØIK has dropped potential charges for money laundering against three leading former directors of Danske Bank, Denmark’s largest bank, but investigation of the bank itself continues.

Published: 30 April 2021 17:15 CEST
Danish police drop money laundering case against Danske Bank directors
File photo: Jacob Gronholt-Pedersen/Reuters/Ritzau Scanpix

The three directors, Thomas Borgen, Henrik Ramlau-Hansen and Lars Stensgaard Mørch were investigated in relation to a scandal involving large-scale money laundering at the Estonian division of the bank.

Each of the three confirmed to newspaper Børsen that charges have been dropped.

In a written statement to media, SØIK said it had not uncovered “evidence that any individual has shown negligence to such an extent that it can be characterised as gross” and that the law had therefore not been broken.

“For an individual to be convicted under money laundering laws, they must have committed gross negligence. In this case we have conducted a vert comprehensive and thorough investigation with a number of investigative steps,” acting head of SØIK Per Flig also said in the statement.

The bank itself is still under investigation for possible breach of money laundering laws, however, Flig noted.

READ ALSO: US files lawsuit against scandal-hit Danske Bank

No individuals now remain under suspicion in the investigation, meaning SØIK has dropped cases against all leading bank executive who were suspected by police in March 2019.

Around 1,500 billion kroner from foreign customers flowed through the Estonian division of Danske Bank between 2007 and 2015, an investigation found.

A large proportion of that money is considered to be suspicious. The scandal resulted in Borgen’s resignation as CEO and the bank closed its Estonian branch in 2019.

READ ALSO: More on the Danske Bank money laundering scandal

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