Global Investigations Review - The law and practice of international investigations

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Wednesday, 19 February 2014

Denmark investigates Danske Bank bonus programme

Denmark’s Public Prosecutor for Serious Economic and International Crime (SØK) is investigating whether Danske Bank’s bonus programme could have incentivised employees to break rules. Six employees are being investigated for alleged bond price manipulation. SØK prosecutor Hans Fogtdal said in an interview with Bloomberg: “It’s not apparent from the information that we have now that the employees made the transactions for their own benefit. But we are looking more closely at the bonus programme to see whether it has any bearing on this case, whether the employees benefited from it.” SØK accused Danske Bank, its home loan unit and the six employees of inflating mortgage bond prices on 7 February. The investigation was launched after Danske Bank disclosed suspicious trades to Denmark’s Financial Supervisory Authority, which referred the matter to the police.

Former Petrotiger chief pleads guilty to FCPA charges

Knut Hammarskjold, a former chief executive of oil and gas company Petrotiger, has pleaded guilty to violating the US Foreign Corrupt Practices Act (FCPA) and committing wire fraud. In a statement, the US Department of Justice said Hammarskjold was one of three defendants who has been accused of paying bribes to a Colombian official in exchange for helping secure an oil services contract worth US$39 million. Petrotiger's former general counsel pleaded guilty to the same charges last November. Joseph Sigelman, another former Petrotiger chief executive, has so far not answered the charges against him.

Latvia anti-corruption bureau requests prosecution of police investigators

Latvia’s Corruption Prevention and Combating Bureau (KNAB) has asked prosecutors to start criminal proceedings against unnamed investigators in the economic crimes department of Latvia's State Police Criminal Bureau for allegedly demanded bribes in return for favourable decisions.

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