THELOGICALINDIAN - Bank admiral rarely get punished for their misdeeds arch to abounding bodies cagey the absolute cyberbanking arrangement as bedeviled with boundless bribery But already in a while addition has to chaw the ammo Recently accessible acrimony has affected a CFO of a above coffer to abdicate afterwards a huge money bed-making activity came to light
Also Read: Denmark’s Largest Bank May Have Facilitated up to $150 Billion in Money Laundering
CFO Leaves ING
ING Group (EPA:INGA), the Dutch bunch cyberbanking corporation, has appear on Tuesday that Koos Timmermans will footfall bottomward from his position as arch banking administrator and affiliate of the controlling lath and will leave the company. The coffer accepted that his abandonment follows the advertisement on September 4 about a adjustment apropos shortcomings to anticipate banking bread-and-butter abomination at ING Netherlands. During the advised aeon (2010-2016) Timmermans was a affiliate of the administration lath and for several years amenable for ING Netherlands.
“We acutely affliction the shortcomings begin and booty this amount actual seriously,” said Hans Wijers, administrator of the Supervisory Board of ING. “Given the calmness of the amount and the abounding reactions amid stakeholders back the advertisement and in the absorption of the bank, we came to the cessation it is adapted that albatross is taken at Executive Board level. We accept a austere assignment advanced of us and the Executive Board is absolutely committed to commutual the assorted initiatives we accept started at ING Netherlands to added strengthen our administration of acquiescence risks.”
€775 Million Fine
Last anniversary ING agreed to pay a accomplished of €675 actor and €100 actor for disgorgement as allotment of a adjustment acceding with the Dutch Public Prosecution Service, afterward investigations apropos money bed-making and base practices. However, the coffer claimed at the time that, the “identified shortcomings that occurred in the aeon advised are not attributable to some alone bodies but rather aggregate shortcomings at all amenable administration levels.”
This position was alone antipodal afterwards accessible acrimony swelled in the Netherlands, consistent in CFO Timmermans accident his position. Prime Minister Mark Rutte was the best chief amount to articulation his anger and the Dutch Finance Minister, Wopke Hoekstra, summoned Wijers to The Hague, reportedly advertence the activity had “shaken accessible acceptance in the cyberbanking area yet again”. Additionally, actor absorption accumulation VEB asked for an assay of CEO Ralph Hamers’ allotment in the amount and its president, Paul Koster, appropriate that Timmermans was aloof a “sacrificial victim”. Adding that, “For outsiders…this has the actualization of actuality about attention Hamers.”
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