Reveals suspected money laundering. Assignment review and SVT News reveal in February that Swedbank may have been used to launder money for almost a decade. At least SEK 40 billion may have been closed between suspected accounts. The disclosure caused the bank's share to plummet by almost 14 percent and for fund savers and shareholders tens of billions of SEK went up in smoke.
Identified by Swedbank. Swedbank's CEO Birgitte Bonnesen confirms that the bank has identified suspected money laundering , but does not want to say how much money it is about. She also says she hopes to be able to remain.
Applies external investigation. After the disclosure, Swedbank appoints an external investigation. At the same time, Lars Idermark, Chairman of Swedbank's Board of Directors, expressed confidence in CEO Birgitte Bonnesen. The Swedish Financial Supervisory Authority initiates an investigation after Assignment Review and SVT Nyheter's disclosure.
Preliminary investigation into insider information is initiated. After Dagens Nyheter reveals that Swedbank's large owners have received advance information on the suspected money laundering scandal, the Swedish Crime Authority initiates a preliminary investigation into insider information.
Blocking tips. In connection with SVT's review, it appears that Swedbank has blocked the possibility for staff to submit tips on SVT's encrypted tip site.
Continued trust in the CEO. Following the external investigation, Swedbank's Board of Directors confirms that it has confidence in CEO Birgitte Bonnesen. But there is criticism of the investigation. Joacim Olsson, CEO of Aktiespararna calls it "completely incomplete". The large owners AMF and Alecta are also dissatisfied with the investigation.
Delusional American investigator. Assignment review and SVT News reveal that Swedbank's senior management mislead US investigators by withholding information about the bank's links to the notorious law firm Mossack Fonseca after the agency became infamous in connection with the Panama leak. But CEO Birgitte Bonnesen says it's unlikely it's happened.
The raid is carried out. Following the disclosure, the Swedish Crime Agency carries out a raid at Swedbank's head office in Sundbyberg. This results in the preliminary investigation against Swedbank being extended, both in terms of time period and a further criminal suspicion - serious fraud.
US investigation begins. The US Department of Financial Services in New York opens an investigation into Swedbank.
Stop trading on the stock exchange. On Thursday, March 28 , the Stockholm Stock Exchange stops trading with Swedbank's share. In the afternoon of the same day the trading stop was lifted and the share continued to reverse. At the close of the stock exchange, it has fallen just under eight percent.
The CEO gets fired. Shortly after the trading stop on Thursday 28/3, Swedbank announces that the CEO Birgitte Bonnesen will be fired . The Board is granted discharge from liability during the meeting.
Major shareholders sold shares. Major owners of Swedbank sold hundreds of thousands of shares the days before the Assignment Review Program in February, reports Dagens industri. With the help of public ownership statistics, Di can show that SEB Fonder and Swedbank's fund company Robur reduced their holdings shortly before the broadcast. According to the two major owners, the sales had nothing to do with the upcoming tasks in Assignment Review.
Swedbank's Board of Directors behind the refusal to submit a report. According to the responsible prosecutor Thomas Langrot, it was the board, not former CEO Birgitte Bonnesen, who was behind the decision not to allow the Ekobrots authority to take part in the secret report that describes major deficiencies in the bank's work against money laundering, written by the Norwegian lawyer Erling Grimstad.
The Chairman of the Board resigns. Lars Idermark writes in a press release that he is leaving the role of chairman of the board with immediate effect. According to him, this is due to the fact that the media attention that has arisen is not compatible with his CEO assignment in the forest group Södra.
Notified in Latvia. The financier Bill Browder, who previously reported Swedbank police in Estonia, now does the same with the bank's Latvian part.
Further house search. On April 24, the Swedish Crime Agency, EBM, is conducting another house search against Swedbank's head office. This is confirmed for SVT News by the bank's lawyer Hans Strandberg.
Göran Persson is proposed to be new chairman. Swedbank's nomination committee will propose former Prime Minister Göran Persson to the post of Chairman of Swedbank AB. It announces the company April 28 via a press release.
Göran Persson becomes new Chairman of the Board. At Swedbank's general meeting on June 19, Göran Persson is elected new Chairman of the Board.