Dutch court to question ING and ex-CEO Hamers in money laundering case
A Dutch court on Wednesday said it wanted to question the
Dutch bank ING (INGA.AS) and its former chief executive Ralph Hamers, now
heading for UBS, to determine whether to reopen a case that led to ING being
fined for lax prevention of money laundering.
ING, the largest bank in the Netherlands, paid 775 million
euro ($876 million) in a settlement with Dutch prosecutors in 2018, after
failing for years to spot money laundering and other criminal activities
happening through its accounts.
The settlement ended an investigation into ING and kept the
bank and its board free of any criminal charges.
But a group of disgruntled investors felt justice had not
been served and the court in The Hague had said it would take their demands
into consideration.
The court said on Wednesday that it needed to question
Hamers, set to become chief executive of the Swiss bank UBS (UBSG.S) in
November, and ING to determine whether further investigation was called for.
If the case is reopened, the existing settlement will become
invalid.
A spokesman for ING said it was standard procedure to hear
the parties involved at this stage of an investigation. Hamers could not
immediately be contacted for comment.
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