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Torm Chairman burdened by bank failure

The former management of Amagerbanken, which included Torm Chairman N. E. Nielsen, has acted with liability and could end up having to pay compensation. That is the conclusion of the Ministry of Business and Growth’s independent investigation of Amagerbanken.

Photo: Hougaard Niels

The independent attorney investigation, performed for the Ministry by attorney Jens Christensen, criticizes the former management of Amagerbanken, headed by CEO Jørgen Brændstrup and Chairman N. E. Nielsen. The bank’s external audit has not performed adequately and is reprimanded for having on several occasions acted contrary to common auditing practices. On the other hand, the bank’s most recent management, appointed by the government, escapes criticism. Finansiel Stabilitet will now decide whether to file for compensation. This will be decided at a board meeting tomorrow, Chairman Henning Kruse Petersen tells FinansWatch.

“The attorney’s report states that there are circumstances, including the bank’s losses from impairments caused by customers’ currency losses in 2010, in which the bank has acted with liability, and this could form the basis for further investigations into whether demands for compensation should be made along with a case for criminal liability,” says a message from the Ministry, which continues: “The report further states that the new management, made up of two members appointed by Finansiel Stabilitet A/S, has not acted with liability. The report by the attorney also states that the external audit has on several occasions acted against sound auditing practices.”

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