Tuesday, January 18

The former Danske Bank manager was still charged in a money laundering case when he got a new job

– I was surprised by the accusation, but not by the fact that it was dropped, says Thomas Borgen, former top manager of Danske Bank who now works for Norwegian Reiten & Co at the same time as he returns to school.

FROM BANK TO «PRIVATE EQUITY»: Thomas Borgen in the premises of his new employer, the acquisition fund Reiten & Co, in Oslo. He got the job from an old acquaintance.

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When Danish Økokrim dropped the charges against Thomas Borgen in April last year, he had already worked for several months in his new job.

The Norwegian chief financial officer, who was previously CEO of Danske Bank, started at the beginning of last year in the position of special adviser to the acquisition fund Reiten & Co.

The Danish newspaper The stock exchange mentioned the employment first.

E24 has interviewed Borgen, who is tight-lipped about the money laundering scandal, but who gives an insight into what he thinks about the charge being dropped.

– It was not surprising. I know the case in depth. I was surprised by the accusation, but not by the fact that it was dropped, says Borgen, who does not want to elaborate on the case any further.

The castle was charged for more than two years for violating the Money Laundering Act.

Old acquaintances

Founder and partner Narve Reiten confirms that Borgen works in Reiten & Co.

– He is a fantastic resource, knowledgeable and experienced, says Reiten.

– The castle was charged in a money laundering case when he started in Reiten & Co. Did you have any doubts about hiring him?

– We know Thomas Borgen from before and know what he stands for. We were quite confident in the outcome of the case, says Reiten.

– Do you know each other personally?

– Yes, we have known each other for about 20 years. Oslo is a small city.

– What do you think about Danske Bank and the money laundering case?

– It is a large and complex case, says Reiten, who will not comment on the case further.

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Drops charges against former Danske Bank CEO Thomas Borgen

Working with investments

In Reiten & Co, Borgen mainly works with projects related to individual investments, in addition to assisting the partnership in pointing out strategic direction.

– It’s very interesting. This is a small but very dynamic and competent office. I have a freer role than I have historically had, says Borgen.

Borgen says that he has moved to Oslo, and that he has lived there since he started in the new job.

– I had a fantastic time in Denmark from 2009 to 2020, professionally, experience-wise and privately, says Borgen.

Takes a doctorate

Since Borgen resigned from the top management position at Danske Bank, he has worked for himself and with voluntary organizations, traveled a lot and done all the things he has not been able to do in the years before, he says.

The castle has also sat on the school bench.

– I have prepared quite strongly for applying and being accepted as a doctoral fellow at BI, he says.

He belongs to the department of strategy and entrepreneurship at BI and researches the implementation of business strategies.

Went off in 2018

In addition to former top manager Borgen, in April SØIK dropped the charges against former chief financial officer Henrik Ramlau-Hansen and former bank director Lars Stensgaard Mørch.

SØIK corresponds to Økokrim in Denmark.

At the beginning of last year, SØIK also removed the charges against six other former Danske Bank tops.

In 2018, it became known that the Estonian branch of Danske Bank has allowed transactions for several hundred billion dollars from what may be criminal activity in Russia.

The same year, Borgen resigned as a result of the scandal.

He then said that Danske Bank had failed to live up to its responsibilities in the event of possible money laundering in Estonia, and that he took responsibility for what had happened.

There are still civil cases, where Borgen has been sued by shareholders who have had to see their shares plummet in value since the money laundering scandal broke out.


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