The chairman of the second-largest bank in Liechtenstein is stepping down. He is in the crosshairs of a criminal investigation.
Georg Wohlwend is resigning, effective immediately, after becoming the subject of a criminal investigation, Liechtensteinische Landesbank said in a statement on Wednesday. The Vaduz-based bank didn't detail any allegations, but said Wohlwend, who has chaired LLB since 2017, denies them.
«His decision is due to criminal proceedings against him that are unrelated to his work at the LLB Group,» the bank said. «To avoid any burden on LLB, he has informed the board of directors of his resignation.»
Politically Connected
LLB's deputy chair, Gabriela Nagel-Jungo, took over from Wohlwend on Wednesday, the bank said. The 57-year-old Wohlwend was part of top management at VP Bank, another Liechtenstein private bank, until 2012.
Wohlwend has served as an alternate minister of Liechtenstein. He is also a board member at Neutrik and Seed X, two Liechtenstein firms, as well as chairman of Alegra Capital, which sells structured credit funds, according to LLB's annual report. The bank is majority-owned by the principality.
