There is a heated discussion on social media about the fraud committed by the branch manager of Swedbank, which went unnoticed by the Swedish bank in Latvia for 17 years. This is reported in a story by LTV.
The news of a 17-year fraud at Swedbank branches in Ogre and Bauska has shaken society. It has only now come to light that a bank employee was signing contracts on behalf of clients, transferring money to herself, and forging documents. The total damage exceeded 200,000 euros.
A lawyer noted on the social network Threads: "A 17-year story - the branch manager of Swedbank is accused of embezzling clients' funds. Only now has the bank 'noticed' that the employee has been transferring funds for her own benefit for years." An official statement says that clients have no reason to worry.
A man in the comments asks: "Is this true or is it a systemic flaw that allowed the thefts to continue for almost two decades?"
Other users express their astonishment. One writes: "Look at the declarations of the SGD employees and ask yourself how they can control anything if they can't manage their own staff." A woman adds: "Are you saying that there has been no internal audit and accounting in the company for 17 years?"
Some point out systemic weaknesses common to many companies: "The outcome depends solely on the honesty of employees and the company's response to the problem. Even in large organizations, the number of auditors is greater, yet internal systems can still be circumvented."
One user, Agris, stated outright: "If I had money in Swedbank, hearing such news, I would transfer it to another bank."
Latvian television found out that since 2003, the employee had been signing remote banking service contracts, registering the issuance of payment cards and calculators, terminating deposit agreements, arranging loans, and transferring clients' funds for personal gain. To conceal the shortfall, part of the funds was directed to satisfy the claims of other clients. A total of 19 people were affected, with damages exceeding 203,000 euros.
Read: "This is already robbery!" Swedbank announced new fees for residents of Latvia
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