Birgitte Bonnesen was found guilty of “gross swindling”.
Her lawyer, Per Samuelsson, told Swedish news agency TT he was “in shock” over the conviction and would file an appeal.
The Svea Court of Appeal overturned a district court ruling from 2023, which had acquitted Bonnesen, and comes five years after the eruption of a money laundering scandal implicating Swedbank.
In 2019, Swedish public service broadcaster SVT alleged that at least 40 billion kronor (equivalent at the time to $4.4 billion) of suspicious and high-risk transactions had been channelled to Baltic countries, notably Estonia, from Swedbank accounts.
The revelations, which saw the bank’s share price tumble, led to Bonnesen being fired.
The following year, Sweden’s financial regulator fined the bank four billion kronor and warned it to follow anti-money laundering laws.
Prosecutors later charged Bonnesen, accusing her of “intentionally or by aggravated negligence” providing false or misleading information about the steps the bank had taken to prevent and detect suspected money laundering.
“The court concludes that the former CEO disseminated misleading statements in interviews with the Swedish newspaper Svenska Dagbladet and the Swedish news agency TT in connection to the bank’s release of its third quarterly report for 2018,” the court said in a statement.
“The statements conveyed the misleading message that there did not exist any suspicious money laundering links to the operations in Estonia of another bank,” it added.
Bonnesen’s comments were deemed to be “liable to influence the assessment of the Swedish bank from a financial point of view, and thereby cause a loss”, according to the court.
Prosecutors had also charged Bonnesen with revealing insider information by informing the bank’s main owners that the investigative documentary was coming.
However, the appeals court found that the information shared with the owners was not of “specific enough nature to be considered insider information”, it said in its ruling.
It – like the district court – therefore acquitted Bonnesen of the charge.
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The word ‘swindling’ here sounds weird, and should surely be ‘deception’. ‘Svindleri’ can mean both swindling and deception, while ‘swindling’ in English usually means to cheat or trick with the intent to acquire money or property to which the swindler is not entitled. But the defendant in this case apparently made no personal gain from her actions, and in a legal context ‘deception’ sounds much more appropriate. She allegedly deceived the market and shareholders, but did not swindle them.