Left Menu
Development News Edition

Swedish authority rejects campaigning investor Browder's appeal in Swedbank case

Devdiscourse News Desk | Updated: 15-05-2019 20:33 IST | Created: 15-05-2019 17:13 IST
Swedish authority rejects campaigning investor Browder's appeal in Swedbank case
Image Credit: Wikimedia Commons

Sweden's Economic Crime Authority (EBM) has rejected an appeal from campaigning investor Bill Browder which had urged authorities to pursue a complaint alleging accounts at Swedbank were used to launder money, an official said on Wednesday.

Browder's complaint was originally filed in March and was dismissed a month later as the transfers involving Swedish accounts had occurred before tighter anti-money laundering legislation was introduced in 2014 and as the statute of limitations had expired in the case.

Browder appealed, but the EBM said it had rejected his appeal. "It is correct that the EBM has decided not to change that decision," a spokesman for the EBM said. The CEO and chairman of Sweden's oldest bank have both left as money laundering allegations have come under scrutiny from Baltic and U.S. authorities. Browder, an investor who campaigns to expose corruption, has taken criminal complaints against Swedbank to Swedish, Estonian and Latvian authorities, alleging that accounts at the bank were used to launder $176 million between 2006 to 2012.

Allegations against Swedbank, mostly reported by Swedish TV, have linked it to a scandal at Danske Bank, which faces potential lawsuits, fines and sanctions after admitting last year that 200 billion euros ($225 billion) of suspicious payments had flowed through its Estonian branch between 2007 and 2015.



Domestic seafood trade in focus as COVID-19 changes market dynamics

As predicted earlier in a report titled Seafood industry post-COVID 19 An overhaul to trigger the growth of small fisheries, one of the changes going ahead would be increased focus on domestic seafood trade, driven by falling exports and su...

Migration post-COVID 19: Taking cues from the past to rebuild economies

Migrants are an irreplaceable part of even the essential workforce of developed countries and are on the frontline in the fight against the crisis, making an immeasurable contribution to saving the lives of natives with voting rights....

Socialization Post-COVID-19: Local associations and online groups to play crucial role

Though every age group is suffering due to the global lockdown caused by the ensuing COVID-19 pandemic, the challenges before adolescents are unique. Their social space has shrunk drastically, besides, they have become highly vulnerable to ...

Pharma post-COVID 19: Reducing political clout can alter business models

Powerful governments that have historically supported the pharma industry in enforcing global intellectual property rules are changing course and introducing legislation that can override normal patent rights during emergencies....


Latest News

Number of uniformed women personnel in UN peacekeeping must be raised: Indian commander

Efforts must be made to significantly increase the number of uniformed women personnel in the UN peacekeeping missions, an Indian woman commander stationed in Congo has said, underlining that they serve as role models for girls and women ev...

Singaporean cooks up Eid feast for migrant workers in lockdown

As Muslims around the world celebrate Eid al-Fitr to mark the end of the fasting month, thousands of migrant workers in Singapore have had to spend the holiday in quarantine because of outbreaks of the novel coronavirus in their dormitories...

Basketball-Bogut puts playing future on hold in uncertain times

Former NBA champion Andrew Bogut has decided not to commit to another season at the Sydney Kings while there is still uncertainty about the future because of the COVID-19 pandemic. The 35-year-old centre has played the last two seasons in A...

CEO buys struggling New Zealand media company for $1

One of New Zealands largest media organizations will be sold for a single dollar to its chief executive, the owners announced Monday. The organization Stuff prints many of the nations daily newspapers and runs a popular news website of the ...

Give Feedback