October 4, 2022

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Banking, Finance, Litigation |  Thomas Burgen (58) sued for billions

Banking, Finance, Litigation | Thomas Burgen (58) sued for billions

that it today’s work Which suggests that Thomas Burgen should defend himself against a record-breaking investor lawsuit after losing stock market values. The oil fund has the largest claim to date, at NOK 1.7 billion.

The paper writes that 58-year-old Norwegian businessman Thomas Borgen of Fredrikstad was CEO of Danske Bank for just over five years from 2013 to the fall of 2018, when he was forced to resign while a violent money laundering scandal was exposed. The European Bank was previously involved.

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Cut the value in half

Through the ongoing lawsuit, a large number of former and current Danske Bank shareholders will hold Borgen personally responsible for losses in the billions. The losses are linked to the bank’s market value dropping by more than half during the money laundering scandal.

The claim in the lawsuit is set to total NOK 3.3 billion. The largest player in the lawsuit, Norges Bank Investment Management, which manages the oil fund, filed a lawsuit against Borgen for NOK 1.7 billion.

Borgen started a new job at Reiten & Co, a private equity firm, in 2021. The 58-year-old moved to Oslo around the same time after 11 years in Denmark, writes E24.no.

Thomas Borgen worked at Danske Bank from 2009 to fall 2018. Borgen resigned on the same day the company presented the results of an investigation into possible money laundering in Estonia of up to €200 billion from Russia and other Eastern European countries to the West from 2007 to 2015.

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Shipping dropped

Fredrikstad reported in January of this year That Burgen was charged in the same case in the spring of 2019, Danish environment.

The charge was dropped two years later. Burgen was then already in place at Reiten & Co.

From 2009 to 2012, Borgen was the manager in charge of the branch in Estonia, and in 2013 he was promoted to the position of managing director of Danske Bank. In 2017, his total annual income was 17.4 million DKK, of which 11.5 million were salaries, 2.2 million pensions and 3.7 million bonuses in the form of cash and shares.

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