Wednesday, October 28, 2020

Ten former Danske Bank managers charged over Estonia case: Berlingske

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Danish prosecutors have charged 10 former Danske Bank managers over their suspected involvement in one of the world’s biggest money-laundering scandals, newspaper Berlingske reported on Wednesday, citing unidentified sources.

The charges relate to a case involving some 200 billion euros ($224 billion) of suspicious transactions that passed through Danske Bank’s Estonian branch between 2007 and 2015.

Former chief executive Thomas Borgen, who stepped down last October, was among the 10 people charged, Berlingske said.

On Tuesday, Borgen’s lawyer told newspaper Borsen that his client had been charged and his home raided by investigators.

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The Danish state prosecutor declined to comment on Wednesday. Borgen’s lawyer was not immediately available for comment.

The nature of the charges were unclear and no other people were named in the report.

No current or former members of Danske Bank’s board – which appoints the management team and sets strategy – have been charged, according to the Berlingske report.

Denmark’s biggest bank is being investigated by authorities in several other countries including the United States, where it could face major fines.

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Denmark’s state prosecutor filed preliminary charges against Danske Bank in November for alleged violations of the country’s anti-money laundering act in relation to its Estonian branch. The prosecutor said at the time he would clarify whether individuals could be held responsible.

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