Wolf's version: 'I am the whisteblower'
After it was revealed that he had been reported to the police last week for financial crimes, Swedbank's ex-CEO Michael Wolf denied any wrongdoing and guessed that he himself was the whistleblower that Swedbank's Chairman Anders Sundstrom said alerted the board to problematic transactions.
In an exclusive interview with financial daily Dagens Industri, Wolf said he has "never been in the vicinity of an insider crime." Friday Dagens Industri broke the news that Wolf had been reported to Finansinspektionen, Sweden's financial supervisory authority, on suspicions of breaking the rules on market abuse.
The bank's board chairman, Anders Sundström later held a press conference confirming the report, but he said he could not reveal either to Wolf or the media any details about the suspected transactions because of the ongoing investigation.
Wolf speculated that the investigation might stem from a change in the rules at the bank regarding its managers' dealings on the stock market. Wolf explained that the rules went into effect in August 2015, and in an internal inquiry held later in the year his and other managers' transactions were found to not be in compliance with the new rules.
Wolf told Dagens Industri that he himself reported those shortcomings to Sundström in January.
"It came to light after the fact that I approved transactions, on my own behalf, with companies that were on the bank's 'stop list.' I have no knowledge of which companies are on the lists and am not supposed to have that. If that is what this report is about, then I am the whistleblower," Wolf told Dagens Industri.