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Park was among a dozen protesters who gathered in front of the Korean Air headquarters building in Seoul, demanding Cho’s removal from the board ahead of the meeting. “It is nearly impossible to change South Korea’s corporate culture when it comes to family members of chaebols,” he said. Korean Air shares rose as much as 5.6 percent after the vote but pared gains to close 2.5 percent higher, as investors lowered their expectations for a change for the foreseeable future, analysts said. Hanjin Kal Corp, the parent of Korean Air, ended up 0.4 percent after rising as much as 9.4 percent silver knot cufflinks.
STOCKHOLM (Reuters) – Sweden’s Economic Crime Authority (EBM) widened its Swedbank investigation to include suspected fraud following a raid on Wednesday on the Swedish bank’s headquarters in an inquiry into its handling of money laundering allegations. “The information paints a picture of Swedbank appearing to have spread misleading information to the public and the market about what the bank knew about suspected money laundering within Swedbank in the Baltic States,” the EBM said in a statement silver knot cufflinks.
Money laundering allegations against Swedbank have sparked fears that the largest lender in the Baltic region will become embroiled in a scandal engulfing rival Danske Bank, and face the threat of lawsuits, fines and other sanctions. Swedbank Chief Executive Birgitte Bonessen said she was doing everything she could to handle the situation, adding that nobody at the bank had been charged with committing a crime. “This has been a very tough day for Swedbank, our employees and our shareholders silver knot cufflinks. We will cooperate with EBM (Economic Crime Authority) and we await the conclusions of the authority,” she said in a statement..
Bonnesen also addressed allegations by Swedish state broadcaster SVT that Swedbank was under investigation by the New York Department of Financial Services (DFS) for having allegedly misled investigators over customer transactions linked to Mossack Fonseca, a Panamanian law firm at the center of a global tax avoidance and money laundering scandal. SVT said it had obtained confidential documents showing that although Swedbank told the DFS it only had customers from Sweden and Norway with ties to Mossack Fonseca, companies with ties to the law firm had done business through Swedbank in the Baltics silver knot cufflinks.
SVT said the DFS had written to Swedbank on Feb. 20 to say it was looking into seven separate matters. The DFS and Sweden’s financial watchdog declined to comment silver knot cufflinks. “Swedbank believes that it has been truthful and accurate in its communications with all government authorities,” said Bonnesen who oversaw the bank’s anti-money laundering policy between 2009 and 2011 before heading its Baltic operations. Bonnesen has repeatedly said she has confidence in the lender’s anti-money laundering procedures and that the bank reported suspicious transactions to authorities..