State Bank ABN Amro would be insufficient to address corruption risks. That De Nederlandsche Bank (DNB) in a confidential letter to ABN Amro CEO Gerrit Zalm last month, reports The Financieele Dagblad that the letter claims to have in your hands.
A major point of criticism is the relationship of ABN Amro oil trader Gunvor. Of these, it is suspected that this is linked to the Russian President Vladimir Putin and major shareholder of Gunvor Gennady Timtsjenko, one of his confidants. Timtsjenko state since March last year on the US blacklist, drawn up in the context of international sanctions against Russia.
The letter concludes DNB based on an industry-wide investigation into corruption and conflicts of interest that fails the bank in the anti-corruption policy. The bank would “insufficient” efforts to improve the situation, it says in the letter, and the bankers are not concerned enough to detect corruption risks:
There is not shown that ABN Amro has identified the inherent corruption risks to its organization and / or its activities.
According to DNB fails particular department acting in energy and raw materials such as oil and calls the relationship the bank with the oil company Gunvor. The regulator says that ABN Amro signals about corruption hanging around Gunvor, and a secret shareholding Putin Gunvor ignored for years.
Gunvor sitting in an office at the Amsterdam Zuidas. The company has always denied having ties with Putin. In response to news agency ANP said ABN AMRO to have violated any rules by Gunvor to have as a customer. The bank denies that Gunvor on the US blacklist. According to ABN AMRO is not proven association with Putin.
Finance Minister Jeroen Dijsselbloem announced yesterday that the government postpones ABN AMRO’s IPO. Dijsselbloem first wants the peace returns around the bank. Last week came controversy when it emerged that the bank substantially increased the salaries of six board members. Also, the minister wants to talk to the House about this.
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