The Swedish Economic Crime Agency has charged Swedbank’s former CEO for large-scale fraud and market manipulation. In 2018-19, the then-CEO of Swedbank repeatedly spread misleading information, presenting to stakeholders that no AML-related issues had transpired during the bank’s operations in Estonia during 2007-18. This misleading information about the bank’s AML measures in Estonia influenced its financial assessment.
As per the Agency, the former CEO spread misinformation despite having knowledge of unpublished information about significant and serious AML failings and numerous suspicious transactions and customers of Swedbank in Estonia. The Agency’s investigation also shows that the then-CEO was pursuing a clear strategy to prevent any true information of these problems from reaching the market.
Further, the former CEO also disclosed without authorization inside information about the content of an upcoming episode of a Swedish television program at a meeting of the representatives of the largest shareholders in the bank.
Source: Swedish Economic Crime Authority