Former Danske Bank CEO Borgen charged over Estonia case: report
08 May 2019

Danish prosecutors have charged Thomas Borgen, former chief executive of Danske Bank, over his involvement in one of the world’s biggest money laundering scandals, newspaper Borsen reported on Tuesday, citing his lawyer.

Borgen is the first person to be charged in a case that involves suspicious transactions of some 200 billion euros ($224 billion) that passed through Danske Bank’s Estonian branch between 2007 and 2015.

Denmark’s biggest bank is being investigated by authorities in several other countries including the United States, where it could face major fines.

Shares in Danske Bank have more than halved since March last year, and on Tuesday fell to their lowest since August 2013 following the Borsen report, which did not specify the nature of the charges against the bank’s former CEO.

Borgen, who had been in charge of Danske Bank’s international operations, including Estonia, between 2009 and 2012, resigned in September after an investigation revealed the scale of the suspicious payments.

By Jacob Gronholt-Pedersen, Reuters, 7 May 2019

Read more at Reuters

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