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The CEO of Danske Bank Resigned Over A $234 Billion Scam Of Money Laundering

The Chief Executive of Danske Bank Thomas Borgen quit his position on Wednesday due to an investigation which revealed suspicious transactions of 200billion Euros through the Estonian Branch. Borgen told in the press conference that he holds the whole responsibility of the organization, but they have failed due to this situation & they did not meet the expectations.

Borgen will remain as a CEO until the appointment of next CEO. Borgen was looking after the international operations of Danske Bank including Estonia from 2009 to 2012. But the reports shed light on such activities at Estonia Branch, so the investors are worried about getting punished by the US, which has made penalties on Russia. “As this scandal is very serious in the European history while Danske is also a major organization which sends dollars throughout the world, so this is more likely to seek attention of US authorities”, says Bill Browder, CEO and Founder, Hermitage Capital who recently campaigned against the corruption cases in Russia.

The Danish politicians seem critical about the amount of money involved and the person responsible legally in this scandal. This was embarrassing that such transactions are carried out from many years and most of the funds are involved in money laundering which is not good for Danske Bank, says Rasmus Jarlov, a business minister who looks after the banking sector in Denmark in the press conference. The bank reported in the summary which covers the report of almost 15000 customers along with 9.5million transactions from 2007 to 2015 that the CEO, Chairman Anderson and other board members failed to breach its legal commitments. Anderson said that the bank has evaluated the laws that are violated by them but they failed to make conclusion based upon it at the press conference.

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