Danske Bank CEO calls Quits over Money Laundering Scandal worth US Dollar 234 Billion

Danske Bank CEO calls Quits over Money Laundering Scandal worth US Dollar 234 Billion

According to investigation which showed payment summing up to 200 billion euros which is equivalence to us dollar 234 billion through Estonia branch, forced chief executive officer Thomas Borgen of Danske Bank to resign, his resignation caused a lot of suspicion as claimed by the bank.

Money laundering incidents has drawn close look by the U.S authorities after a series of money scandals incident it has forced the Danish bank accountability for details and control failings in the center growing calls for a European assistance.

Before CEO Borgen resigned his position at Danish bank he stated that though he was personally cleared from legal aspect, he holds extreme responsibility, and there is no doubt that as an organization they failed in that situation which did not live to what was expected.

The 54 years old Borgen has been in charge as the chief executive at Danske banks international including Estonia between 2009 and 2012.

Though there is hope on the bank activities in Estonia investor are more focused on whether the united states which has imposed measures on Russia will take disciplinary action.

For the first time in history of Europe, it is considered as one of the relatively great money laundering scandal experienced, in terms of transaction Danske Bank is considered as one of the major banks that sends dollars across the continent.

Bill Browder the founder and chief executive Hermitage capital management concluded that U.S authority will get attention; he has also been campaigning against corruption in Russia.

It was the responsibility of Danish politician to reveal the amount of money which was allegedly laundered and not exposing the person who was legally responsible for the act.

Business minister Rasmus Jarlov who supervises Denmark banking sector told the press it is humiliating

That so many transactions at the bank have been going through over a period of years which were not supposed to be carried out. He also claimed much of it to be money laundering and this was not good for the Danske bank

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