The bank has launched its own investigation into the allegations and will present its findings in September 2018. The investigation is based on a complaint filed at the end of July 2018 by the asset manager of Hermitage Capital. The complaint, seen by Reuters, is an application to Estonia’s Prosecutor General to conduct an investigation and bring to trial a group of 26 employees of the Estonian branch of Danske Bank.
Under Estonian law a person can face up to five years in jail if found guilty of money laundering and up to ten years if part of a group that has organized money laundering, Reuters cited a Prosecutor’s spokesman. Moreover, the maximum fine for a company found guilty of money laundering is 16 million euros.
The asset manager of Hermitage Capital has also filed a criminal complaint against Danske Bank in Denmark. Hermitage Capital Management is an investment fund and asset management company specializing in Russian markets founded by Bill Browder and Edmond Safra.
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