Ernst Labruyere over de ernst van de Vestia-fraude

Ernst Labruyere over de Vestia-fraude:

When we look at the moral side of Vestia’s latest trick and the reaction of state bank ABN Amro, it seems a clear case of ‘the pot calling the kettle black’. To be frank, as an involved and worried citizen, I applaude Vestia’s action against a group of banks that seemed to have gotten involved into: money laundering, bribing, forging contracts and making fraudulent commission payments.

What makes this case even more worrisome is that most banks have four-eye or even six-eye controls for transactions of more than €250,000. This means that the Vestia case cannot be a case of just the proverbial ‘rogue trader’ at a further honorable bank.

If the case of Vestia can be proven against (at least one of) these four banks [Deutsche Bank, ABN Amro, Barclays and BNP Paribas – EL], this would mean that the process of putrefaction has entered into the core of these banks.

When proven beyond reasonable doubt (!), these actions of these banks are a cancer in the financial system. If it is not treated, it might kill the whole financial industry.

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