The culture that allowed one of Sweden’s most important financial institutions to become part of a vast Russian money-laundering scandal has driven investors in the Nordic country to demand drastic changes.
Swedbank AB, which is based in Stockholm, is being investigated in Sweden, the Baltics and the US amid allegations it may have handled over $100bn in suspicious funds.
The beneficiaries of its actions reportedly included convicted felon Paul Manafort and deposed Ukraine President Viktor Yanukovych. Its chief executive officer was fired in late March and the bank parted ways with its chairman on Friday.
The Swedish Shareholders’ Association is now questioning …read more
Source: Gulf times
