Swedbank Fires Chief Executive Following Money Laundering Accusations

In recent time, Swedbank cardinally suspended its CEO Birgitte Bonnesen shortly prior to its annual summit after the lender faced accusations it was engaged in the money laundering activities in the Baltics. In a statement, Lars Idermark—Swedbank’s Chairman—said, “The developments in the last few days have produced a huge pressure for the bank. So, the board has settled to dismiss Birgitte Bonnesen from her role and duties.”

Bonnesen’s position became practically untenable following three of its main five financiers stated that they will vote in opposition to grant her freedom from accountability for its latest financial outcomes at the annual meeting. The money laundering accusations against Swedbank—which came first into light in a media statement last month—have ignited apprehensions that the biggest lender in the Baltic region would become entangled in a scandal overcoming competitor Danske Bank and encounter the threat of fines, lawsuits, and other sanctions. In recent time, Swedbank shares declined a further 3.7%.

On a similar note, recently, Swedbank financiers intend to deal with CEO as laundering case grows. CEO Birgitte Bonnesen would encounter shareholders soon in which is possible to be one of the roughest meetings of her profession, with three of the top shareholders suggesting they have lost trust in her. The 62-Year-old CEO’s role is on the line among accusations the Swedish bank was employed to funnel billions of dollars from the ex-Soviet Union in the West in a money laundering disgrace centered on the Estonian maneuvers of Danske Bank. Apparently, Bonnesen had strongly denied any connections till Swedish media reports pressurized her to backtrack last month. In all, Swedbank might have channeled minimum $23 Billion (20 Billion euros) in doubtful funds via its Estonian unit each year amid 2010 and 2016.

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