The new UBS boss' chances of escaping a criminal trial over money laundering at the last bank he ran appear to be slimming.
Ralph Hamers is 99 percent certain to be formally criminally investigated in the Netherlands over money laundering accusations, the Dutch activist who is seeking to reopen the probe told Swiss weekly «NZZ am Sonntag» (behind paywall, in German).
Pieter Lakeman, the 78-year-old who runs a foundation devoted to financial transparency and fair business, told the outlet that Dutch prosecutors informed him in a letter dated January 8 that they would seek charges against Hamers over his role in a money laundering scandal at ING that culminated in a 2018 settlement.
Current Job Vs Past Probe
The matter has exploded less than three months into Hamers' tenure running the world's largest wealth manager, where he is widely expected to modernize, soften a hidebound, bulky hierarchy, and better equip the Swiss bank on technology, data, and digitization.
The Dutch legacy means Hamers will instead have to devote considerable time and resources to answering to investigators. A feted European banking CEO who was also wooed by HSBC, Hamers may not be tenable if criminally charged in the Netherlands.
Chairman's Cautious Words
UBS' board has thus far backed him, and noted that it had ordered an outside review of the ING events while it was recruiting Hamers – which found no wrong-going.
Hamers also passed Swiss financial regulator Finma's fitness and probity testing. UBS Chairman Axel Weber made clear this week that «we are monitoring the situation and will adjust to developments.»
