A scandal implicating Sweden’s oldest bank has widened dramatically with the revelation that the suspicious flows that the institution handled amounted to US$10.2 billion, and not US$5.8 billion, according to Sweden’s main television broadcaster, SVT, which cited a 2018 internal review by the bank.
A database published by SVT now also shows that some US$1.58 billion was moved through accounts registered to Carbo One, one of the world’s largest coal traders and one of Swedbank Estonia’s largest corporate clients.
Much of that money went into accounts with ties to one of the wealthiest men in Russia, Iskander Makhmudov, who has no formal ties with Carbo One.
He allegedly moved colossal sums between several shadow accounts in dealings that appeared to be connected with the company.
The sums were moved between Carbo One and Makhmudov using at least 20 Swedbank accounts, according to the database, and the accounts, registered in tax havens, bear clear signs that they could be used for money laundering.
Spanish prosecutors have linked Makhmudov to organised crime.
Makhmudov is the main shareholder in Ural Mining and Metallurgical Company, Russia’s second largest copper producer with controlling stakes in more than 300 companies in nine Russian regions.
Categories: Trade Based Financial crimes News