Thursday 17 October 2019

Bosses at scandal-hit Danske spurn bonuses

Danske’s Copenhagen HQ. Photo: Bloomberg
Danske’s Copenhagen HQ. Photo: Bloomberg

Teis Jensen

Former and current members of Danske Bank's executive board have waived bonuses for 2018 because of the money laundering scandal linked to its Estonian branch.

Danske Bank is under investigation in the United States, Denmark, Estonia, France and Britain over €200bn in payments that were found to have flowed through its Estonian branch from Russia, former Soviet states and elsewhere between 2007 and 2015.

Since the scandal surfaced last year, the bank has replaced its CEO and chairman, pulled out of Russia and the Baltics, boosted compliance efforts and promised to donate €201m to fighting financial fraud.

"The executive board has decided to waive the bonuses that could have been paid for 2018," new chairman Karsten Dybvad told shareholders at the bank's AGM in Copenhagen yesterday. The chairman said he supported the decision but did not disclose the size of the bonuses being waived.

Mr Dybvad replaced former chairman Ole Andersen at an extraordinary general meeting in December called by the Maersk family, the largest shareholder in the bank and shipping group AP Moller-Maersk.

Reuters

Irish Independent

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