bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Saturday 29.02.2020 | Name days:
EstoniaEstonia

Danske Estonia had quantity of non-resident transactions as only criterion, suspect banker says

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

In non-resident operations of Danske Bank’s scandalous Estonian branch, the only criterion in the investigated period was their number due to profitability, according to former worker Mihhail Murnikov’s interview with Bloomberg.

From 2009 to 2015, Murnikov worked at the non-resident unit of Danske Bank A/S in Estonia, now he, together with 13 of his former colleagues, is a suspect in case linked to the suspected money laundering of a total of 200 billion euros via the Danish lender, Bloomberg reports.

«The whole non-resident business was built on one principle: Everyone was making money on cross-border transactions because non-residents had to pay USD 90 per transaction,»

Murnikov, who explained an interview in Tallinn. Danske’s costs associated with each transaction amounted to USD 1, according to him.

Read more on this: Estonian Danske Bank former head found dead by police

By 2013, when profits peaked, Murnikov says Danske’s Estonian bankers were told to process close to half a million transactions for 4,000 non-resident clients, mostly from the former Soviet Union. That year, returns at the non-resident unit hit 402%, compared with about 7% for the whole Danske Bank group.

«I had a clear plan,» Murnikov recalled. With the 300 clients he was working with, the former banker explained he needed to «make 40,000 transactions a year so I could get a bonus.» He noted the only metric Danske used to determine an employee’s bonus was the number of transactions he or she serviced.

Danske Bank’s spokesperson commented to Bloomberg on Sunday, October 6: «As authorities are still investigating the matter, we cannot comment further beyond what we disclosed in the report of September 2018. As we have previously said, we should have never had the now closed portfolio of non-resident customers in Estonia.»


Leave a reply

Gints Miķelsons put in charge of Latvian Construction Contractors Partnership

From 1 March 2020 onward Gints Miķelsons, who has been the head of Latvian Sustainable Construction Council will be in charge of the Latvian Construction Contractors Partnership, as confirmed by construction contractors.

While Latvia’s GDP grows 2.2%, other Baltic States experience more rapid growth

In 2019, Latvia experienced the slowest GDP growth among Baltic States, according to data from Latvia’s Central Statistical Bureau of Latvia.

Latvia’s GDP growth reportedly 2.2% in 2019

Compared to 2018, the economic growth continued and Gross Domestic Product increased by 2.2 %. In 2019, GDP at current prices amounted to EUR 30.5 billion. Compared to Q3, in Q4 2019 GDP at constant prices grew by 0.1 %, according to seasonally and calendar adjusted data.

Retail trade turnover in Latvia up 2.6% in January

Compared to January 2019, total retail trade turnover rose by 2.6 % in January 2020. Turnover of retail trade in food products grew by 4.4 %.

Vilnis Ķirsis to remain in charge of Unity’s faction in Riga

On Thursday, 27 February, Vilnis Ķirsis was once again picked as the head of Unity party’s faction in Riga, as confirmed by the party.

Latvia and USA sign joint declaration to enhance 5G network security

On Thursday, 27 February, Latvia’s Foreign Affairs Minister Edgars Rinkēvičs and US Secretary of State Mike Pompeo sign a joint US-Latvian declaration on 5G network security, as reported by Foreign Affairs Ministry.

Estonian Tallink Grupp sees profit growth of EUR 9.7 million on year

Estonian provider of ferry transport and related services Tallink Grupp has worked in 2019 with a net profit of 49.7 million euros, according to its unaudited financial results of the year, as reported by Estonian public broadcaster ERR.

Jakrins reportedly a beneficiary in a company that organizes Brasas and Deglava bridge repairs

Long-standing Riga City Council official Emīls Jakrins, who was in charge of the Transport Department not long ago, is beneficiary and factual owner of LLC TecPro Construction, which is a contractor to Lithuanian company Kauno tiltai, which has been hired by the city council to repair Brasas and Deglavas bridges, as reported by Diena newspaper, referencing unofficial information.

UK ready to switch to WTO trade rules if no EU by end of year

The British government has declared that unless concessions are made by Brussels in EU-UK talks on their future cooperation, the former EU member would trade with the bloc on WTO rules from 2021, British news portal The Guardian reports.

Residents able to submit compulsory income declarations by 1 June; VID urges using EDS

March 2020 will mark the beginning of the three-month period within which all residents for whom it is compulsory will be able to submit their income declaration for 2019. This period will last three years for residents for whom this process is voluntary, as reminded by the State Revenue Service.

Lithuanian border guards start informing travellers about the situation with Covid-19

As the new coronavirus Covid-19 continues spreading in Europe, Lithuanian border guards have begun informing travellers from Latvia and Poland about necessary protective measures.

Turkish soldiers killed in Syria, in regime airstrike, Ankara says

In the current epicentre of the Syrian civil war, 33 soldiers of the NATO member state Turkey have been killed as Syrian government military aviation carried out attacks on Turkish military posts set up in its neighbouring country, German broadcaster DW reports citing Ankara.

Weather in Latvia to be winter-like at week’s end

Weather in Latvia is expected to be winter-like at the end of the week – air temperature is expected to drop below 0° C at night in most of the country. In some areas cold snap may be felt during the day, as reported by Latvian Environment, Geology and Meteorology Centre.

First coronavirus infection case found in Lithuania

The first coronavirus infection case is confirmed in Lithuania, as mentioned in Lithuanian government’s statement released on Friday, 28 February, as reported by 15min.lt.

SPKC urges passengers of 26 February Istanbul-Riga flight to respond

Latvia’s Disease Control and Prevention Centre is looking for passengers who flew together with confirmed coronavirus patient from Istanbul to Riga on Wednesday, 26 February.

Regional hospitals in Latvia report high demand for protective clothing

Because of the outbreak of the new coronavirus Covid-19, demand has considerably increased for individual protective clothing, which forces prices to go up, as reported by heads of hospitals.

Rail Baltica not just marvelled, but cussed too in Lithuania

If implemented, the ambitious 5.8-billion euro Rail Baltica project aiming to build a nearly 1000-kilometer rail link from Helsinki to Poland through Lithuania, Latvia and Estonia will be a major infrastructural achievement of the Baltics, but the possibility of dashing at the now surreal speed of 250 kilometres per hour as soon as in 2026, when the project is slated for completion, comes at expense of many land owners in Lithuania’s six municipalities, which will be crossed by the European-gauge tracks.

Construction costs in Latvia up 2.8% in January

Compared to December 2019, the level of construction costs in Latvia fell by 0.2 % in January 2020. Labour remuneration of workers reduced by 0.9 %, prices of building materials – by 0.1 %, but maintenance and operational costs of machinery and equipment – rose by 0.2 %.

In Greece, violent protests against new migrant camps continue for 3rd day

In Greece, continued protests and clashes have resulted in over 60 people suffering injuries as people on the islands of Lesbos and Chios protest against the construction of new migrant centres, British public broadcaster BBC reports.

Minister says Latvia’s initiated territorial reform will create more sustainable municipalities

The report from the European Commission mentions that Latvian government’s initiated administrative territorial reform will create more sustainable municipalities with greater capacity and ability to provide services of comparable quality, as reported by Environment Protection and Regional Development Ministry.

Latvian Saeima changes the prosecutor general’s selection order

On Thursday, 27 February, Latvia’s Saeima approved amendments to the order under which the country’s prosecutor general is selected.

Textile producer in Lithuania complies with Greenpeace standards in industrial textile making

Lithuanian textiles producer Utenos Trikotažas has been deemed by environmental protection organisation Greenpeace as complying with the standards of the later as to not using hazardous chemicals and being fair and transparent in its business, LRT reports.

From March onward prices of alcoholic beverages to increase in Latvia

Through a measured and gradual increase of excise tax rate policy, starting with 1 March 2020 the excise tax rate for alcoholic beverages in Latvia will increase, as confirmed by the State Revenue Service.

435 whistle-blower reports received in eight months in Latvia

In the first year of the Whistleblowing Law, Latvian central state institutions have received 435 reports from whistle-blowers, as reported by the State Chancellery.

Estonia finds first positive coronavirus case

In Estonia, the first case of a person being infected with the novel coronavirus has been found, stated Estonian Social Affairs Minister Tanel Kiik on Thursday, February 27, as cited by Estonian public broadcaster ERR.


Do NOT follow this link or you will be banned from the site!