Swedbank signage on a building in Vilnius, Lithuania, March 30 2019. Picture: REUTERS/INTS KALNINS
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.
According to Nordia, “it was pointed out that information covered by attorney client privilege cannot be seized”. The law firm said that the prosecutor’s subsequent decision to seize the documents is “in direct conflict with Swedish law.” Amid media allegations that management had misled US authorities, Swedbank’s headquarters were raided on Wednesday by Sweden’s Economic Crime Authority as part of an investigation into a potential breach of insider information rules. The same day, after markets closed, the public learned that the Economic Crime Authority was also investigating Swedbank for fraud, following what appeared to be misleading statements by the CEO.
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