The ex-overseer of Liechtensteinische Landesbank is poised to take the helm again – seven weeks after he stood down amid an insider trading investigation.
The Vaduz-based bank proposed Georg Wohlwend as its chairman at a May 7 shareholder meeting, it said in a statement on Tuesday. The move represents a reinstatement, following Wohlwend's resignation last month when Liechtenstein's prosecutor began investigating him on allegations of insider trading.
LLB said the 57-year-old is free and clear to preside the bank again because the principality's prosecutor has dropped the probe without bringing charges. «The LLB board of birectors is very pleased that the facts of the case have been conclusively clarified and that the proceedings against Georg Wohlwend have proven to be groundless,» it said.
Veteran Of Principality
Insider trading investigations are extremely rare in Liechtenstein – and those involving bankers even less so. Wohlwend's lawyers told finews.com last month that the investigation didn't involve LLB's shares, and that the banker was in focus «over allegations of a unrightfully gained sum of roughly 90,000 Swiss francs,» or $101,500.
Wohlwend was part of top management at VP Bank, another Liechtenstein private bank, until 2012. He spent three years as a governing minister of the principality before returning to the private sector in 2017, through LLB, which is majority-owned by the state.
