Nordea lent billions to oligarch

In an Uppdrag Granskning programme to be broadcast this evening, SVT will report that Nordea loaned three billion kronor, via mailbox companies set-up in tax havens, to the Kazakh oligarch Serzhan Shumashov, who is close to Kazakhstan’s autocratic president, Nursultan Nazarbayev.

“This is as bad as it can be,” says Albin Rännar, head of market watch for the Swedish Shareholders’ Association (Aktiespararna).

Per Bolund, the minister for financial markets, says the revelations give “cause for concern”. He presumes that the Swedish Financial Supervisory Authority (FSA) will look into the allegations, as part of its investigation into Nordea following the Panama Papers leak.