SEB identified as the monster in the scandal – Expressen

The Finnish public service channel YLE revealed the terms of the asset management company LWM based in Luxembourg, which was founded by SEB at the end of the 90′s. In 2014 it was sold to the Finnish financiers Georg Henrik Ehrnrooth. Over the years, LWM worked closely with the controversial law firm Mossack Fonseca in Panama.

Yle state that LWN hired by prominent name in the Finnish trade and industry small as Nokia’s former CEO, Jorma Ollila, Sampo Group CEO Kari Stadigh and listed company eQ’s CEO Janne Alert. The three business leaders say to Yle that it was not about anything illegal.

LWM provides similar services Mossack Fonseca, including by helping clients establish companies in Luxembourg, Panama, the British Virgin Islands and the tiny island state of Niue .

Even more active than Nordea

During the period 1997-2106 has LWM founded or managed nearly 450 companies to their customers, according to the Luxembourg trade register.

SEB former subsidiary LWM seems to have been even more active than Nordea in tax havens economy, writes Yle.

Read also: the US is now investigating Swedish banks

Gent Jansson, SEB’s chief compliance Officer, told Yle that customers had different reasons to form companies:

– It can be about personal safety if you do not want the outside world should know one’s wealth. Of course, it is often the desire to arrange things so that the taxes paid in a country where the tax rate is relatively low. There is certainly the lure of tax planning.

Would not have founded LWM

Today would LWN not meet SEB’s values, according Gent Jansson:

– The question how businesses and individuals meet their tax obligations begin to some extent be a sustainability issue. Activities should definitely be acceptable even from a value perspective and not just because it is legal. For that reason, we would certainly at present come to the conclusion that we would not have founded the company LWM. We took the course a few years ago the decision that the business does not continue in SEB’s director, says Gent Jansson Yle.

Neither the owner brothers Ehrnrooth or LWM’s CEO Eric Leclerc would not comment on the Yle revealing.

“Professionalism apply to all our customers, whether this be private individuals or companies. Apart from that, as the law requires, it would be unprofessional to discuss our clients’ affairs in any way, “ he writes in an email to Yle.