Incoming UBS boss Ralph Hamers left ING last week – but still might have to deal with more fallout from a major money laundering probe the Dutch bank ostensibly set aside two years ago.
A court in the Netherlands wants to hear from the Dutch banker in a case sought by investors, according to a report by «Reuters» on Wednesday. The investors aren't happy about ING's settling of money laundering charges with Dutch prosecutors in 2018 through a 775 million euro ($875 million) fine.
The development threatens to cloud the entrance of Hamers at UBS in eight weeks' time. Hamers, who left ING last Tuesday after 16 years, is slated to take over from CEO Sergio Ermotti in November, a move that is widely viewed as a disruptive digitization play by UBS' board.
When he was named in February, UBS Chairman Axel Weber played down the money laundering issue, saying the Swiss bank was convinced Hamers hadn't been involved in wrong-doing.
Case Reopened?
Some investors, left feeling justice wasn't served in 2018, are attempting to force the case back open. Doing so would moot the settlement, which saw ING admit serious shortcomings in preventing money laundering in the Netherlands from 2010 to 2016 – a period which sits mainly in Hamers' tenure as CEO.
ING told «Reuters» that the ruling to query Hamers and others represents standard procedure in such cases. ING, which replaced Hamers with risk boss Steven van Rijswijk last week, bid the outgoing CEO an emotional farewell, as finews.com reported earlier on Wednesday.
