The small savers' organization, Aktiespararna, has demanded that the bank act to pursue a claim for damages against a number of former management persons and to pursue claims for damages of SEK 3.7 billion.
The bank announced today that it is choosing to refrain from a damages lawsuit against former CEOs Birgitte Bonnesen and Michael Wolf in the aftermath of the money laundering scandal in the Baltics.
- The state has had its say when it comes to the issue of responsibility and pointed out quite clearly, including Birgitte Bonnesen when the sanction fee of SEK 4 billion was imposed, while the internal investigations came to a different conclusion.
Therefore, it would not have hurt to have an investigation commissioned by all shareholders and not just the board.
Damages the brand
Joacim Olsson, CEO of Aktiespararna, emphasizes that it is not good for the “Swedbank brand” that they choose not to review the matter externally, and the issue now goes to a vote at the Annual General Meeting.
The share savers have offered the opportunity to appoint an external agency from the board that could review the matter at no cost.
- Had such an external review come to the same conclusion as the bank has done internally, then we would have been in a situation where most people probably agreed that it is difficult to bring clarity to the issue of liability and get the money back.
Joacim Olsson says that the board's decision to waive damages proceedings may not be the last thing that happens in the case.
- We can not rule out, for example, that Birgitte Bonnesen will be convicted in a criminal case, but where the case has not been tried in civil law.
Then we have the US authorities' review which will continue, so it is not possible to just dig this down.
"No cost"
In Swedbank's press release, Chairman of the Board Göran Persson says that "a damages process would take a lot of time and resources for many years", something that Joacim Olsson does not agree with at all.
- There would be no resources because it would be an external financing and on behalf of the AGM.
When the time comes, yes, if the lawyers have now done such extensive work as it is presented, it will not take many weeks for an external law firm to come to the same conclusion.
- If they came to a different conclusion, it would still be possible to clarify the issue of liability and get some of the money back.
You have nothing to lose, concludes Joacim Olsson.