Regulator says scandal bank board 'heads are on the block'

Euro Notes

Denmark’s financial supervisor plans to hold board members of Danske Bank personally accountable if the lender is again caught misleading authorities.

“Their heads are on the block,” Jesper Berg, director general of the Financial Supervisory Authority, said in an interview as his office resumes an investigation into Denmark’s biggest bank.

Bloomberg News reports that Danske has admitted that a tiny Estonian unit may have been used to launder a “large” part of about $234 billion between 2007 and 2015. Criminal investigations into the bank are under way in Denmark and Estonia, and U.S. and U.K. authorities are looking at the case. CEO Thomas Borgen, 54, has resigned and Chairman Ole Andersen says that several employees have been reported to the police.

Andersen, 62, said this week he also considered resigning because of the laundering scandal, but that he decided to stay on, for now, to deal with the “task” at hand.

Hit the link below to access the complete Bloomberg News article:

Danske Bank Executives’ Heads Are on the Block

 

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