The bank further writes that it now allocates “relevant resources” to handle the matter and answer the Swedish Pensions Agency, but does not make any reservation due to the requirement.
“We will review and evaluate the requirement directed at the bank as a custodian,” says Jens Henriksson, President and CEO of Swedbank in the press release.
The Swedish Pensions Agency stopped deposits in the Maltese-based company Falcon funds in 2016, after it was discovered that billions of kroner belonging to Swedish pension savers had disappeared from the funds, including Optimus High Yield.
In October 2020, several of the men behind the company were convicted in the Court of Appeal and sentenced to long prison terms and large damages to the state. In June 2022, the penalties for two of the men were tightened.
Swedbank acted as a custodian for the fund during the years 2012–2015. The bank writes on its website that its custodian service stores a fund’s assets and reviews the company’s routines and systems for management and administration.
http://tt.se/media/image/sdlgybJfzBMY7Q Swedbank’s President and CEO Jens Henriksson. Stock Photography.