Swedbank legal representative says prosecutor ignoring norms of local law
Sweden’s oldest bank denies it hindered the money laundering and fraud investigation
Stockholm — A legal firm hired by Swedbank to defend it amid growing allegations of money laundering has accused the prosecutor investigating the case of ignoring the norms of Swedish law. Swedbank said on Sunday it is using Nordia as its external legal counsel to handle a criminal investigation that focuses on potential fraud. The probe is related to a larger set of claims alleging that the Stockholm-based lender was used to launder vast sums of money from the former Soviet Union. Last week, Swedbank fired CEO Birgitte Bonnesen as allegations against Sweden’s oldest bank and biggest mortgage lender piled up. Swedbank is being investigated by the financial supervisory authorities of Sweden and Estonia, as well as by authorities in the US, amid claims it was part of the $230bn Danske Bank Estonian scandal. Swedbank’s share price has plunged by about a third since the case first erupted on February 20. Swedbank published a statement by Nordia on Sunday, in which it challenged the pros...
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