The fury surrounding the Panama Papers appears to have calmed down – but one bank is now preparing for the consequences
If you thought that the headlines surrounding the Panama Papers were over, then it might be time to think again.
That’s because while the initial whirl of controversy may have died down, those named in the papers are now facing up to the consequences – including Nordea Bank AB.
The bank has said it is preparing for the risk of penalties with authorities in Sweden probing its role in the creation of shell companies that were used to evade taxes. The enquiry is only just starting but Nordea has already stated that “it cannot be ruled out that these investigations could lead to criticisms or sanctions.”
The comment came from Casper von Koskull, CEO of Nordea Bank speaking in a Press conference and reported on by Bloomberg. He said he expects the probe’s results to be published as early as June and outlined that Nordea might have to adjust policies or some section of its operations.
The bank still maintains that it has no evidence of illegal actions – but many in the country have voiced their concern about what it seen as an ethical breach with the local media questioning the bank’s “moral compass”.
It appears that the largest bank in the region is finding it difficult to get away from allegations and its profits suffered a 28 per cent slump during the last quarter.
That’s because while the initial whirl of controversy may have died down, those named in the papers are now facing up to the consequences – including Nordea Bank AB.
The bank has said it is preparing for the risk of penalties with authorities in Sweden probing its role in the creation of shell companies that were used to evade taxes. The enquiry is only just starting but Nordea has already stated that “it cannot be ruled out that these investigations could lead to criticisms or sanctions.”
The comment came from Casper von Koskull, CEO of Nordea Bank speaking in a Press conference and reported on by Bloomberg. He said he expects the probe’s results to be published as early as June and outlined that Nordea might have to adjust policies or some section of its operations.
The bank still maintains that it has no evidence of illegal actions – but many in the country have voiced their concern about what it seen as an ethical breach with the local media questioning the bank’s “moral compass”.
It appears that the largest bank in the region is finding it difficult to get away from allegations and its profits suffered a 28 per cent slump during the last quarter.
