Nordea’s CEO Casper von Koskull. Photo: Anders Ahlgren
My during Wednesday summer wave bubbled the hot issue of Nordea connections to Panama Hank again to the surface.
it has been just over three months ago it was revealed that Nordea’s Luxembourg branch, NSAB, helped their clients with tax evasion – a revelation that became a reality thanks to the extensive leak-called Panama Papers. Since then, the Bank has conducted an internal review that included some sixty employees and tens of thousands of documents.
In connection with Wednesday’s quarterly report could be a resolute Nordea CEO, Casper von Koskull, explain the audit findings.
– We have not found any evidence that employees have actively chosen to set up tax arrangements or proactive has helped our customers to evade tax, said von Koskull at a crowded press conference in central Stockholm.
the CEO also assured that no stone has been left unturned in the transparency that was made in cooperation with the law firm Mannheimer & amp; Swartling, with star lawyer Biörn Riese in the lead.
Riese criticized, however Nordea for failing to identify the risks associated with the establishment of questionable offshore structures.
– The management and the board should have identified certain risks related to money laundering and tax issues that could have helped the company to perform legal compliance and candled of the internal audit, said Riese – but added that he believes that Nordea’s internal investigation is sufficient and appropriate.
however, there are questions remain to unravel. Nordea has blocked 68 accounts, according to the investigation required further analysis to Nordea will be able to ensure that everything went right.
When SvD Business asks von Koskull if any violation of law committed at Nordea in harness, he does not rule that is the case.
– you can never be sure. But I am sure that we have done a robust and thorough investigation, he said.
But despite multiple reports on Nordea acted hesitantly in collaboration with the Panama-based and now notorious law firm Mossack Fonseca, says Nordea that it there is no evidence of a crime.
An example is when Nordea branch revealed asked the Panama-based and now skanalosusade law firm Mossack Fonseca to bakdatera, and thus forge documents. The action does not meet the criteria for a crime, according to the Nordea investigation.
nor when it comes Missions Review Report revealing that Nordea’s Russian leadership should have lent billions to a Kazakh oligarchs, there are evidence of crimes. In the worst case, there is a case of counseling that violate Nordea Bank Russia’s ethical guidelines, says the bank.
Nordea acknowledged, however, that there are deficiencies in the group now needs to be addressed by stricter control. The Bank has also decided to replace the entire Board of Directors of Nordea Luxembourg – and it is not excluded that more heads could roll.
– I am disappointed that our policy implementations have been insufficient. These gaps are unacceptable, says von Koskull SvD Business.
The CEO also used the same rhetoric used repeatedly in April, when Nordea Hank revealed.
– We do not tolerate Nordea is used as a base for tax evasion and aggressive tax planning. Nordea is the largest bank in the Nordic region and has a special obligation to be a good corporate citizen.
To appease shareholders and the Financial Supervisory Authority, which is now considering starting its own investigation of Nordea connections to Panama, the new guidelines drawn by Nordea Business Ethics and Values Committee and give less room for individual interpretation.
on group large bank also set up what they call a Tax Board, which makes decisions on complex issues and ensuring consistent decisions in these cases.
in the shadow of Nordea Panama Papers study, live, the Bank also published its interim report – and showed off a strong second quarter. Items that total income, net commission income, operating income and return on equity were all above expectations in the second quarter. Net interest income came in line with expectations for the second quarter, while loan losses were lower than expected – something that von Koskull enjoy significantly better by telling you about.
– It is gratifying that we are now seeing an improved trend in net interest income in several years have been squeezed by a low interest rate environment and low volume growth, he said.
On the Stockholm stock Exchange was report received with joy and at 17 o’clock the share was up over 3 percent.
After the report consists however, uncertainty about Nordea’s capital position and the Bank’s future dividend opportunity, in the wake of the Financial Supervisory Authority appointed a serious investigation into Nordea’s inadequate capital buffer.
Nordea’s report in figures
Nordea’s operating profit for the second quarter of 2016 landed at 1.223 billion euros, against 1.274 billion Q2 2015. Privisionsnetto was 804 million (833), and revenues 2 556 million (2523). Costs landed at 1206 million (1185) and credit losses at 127 million (103). Earnings per share were 0.25 euros against 0.24 Q2 2015.
No comments:
Post a Comment