Ralph Hamers’ Long Road to Leaving ING Behind
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The UBS boss has a long road to shaking off his past: he faces an 18-month journey before knowing if prosecutors will charge him in a Dutch money-laundering investigation.
A Dutch criminal probe into whether Ralph Hamers and money laundering is ticking on after prosecutors agreed to comply with a surprising court ruling last month. Prosecutors were ordered to revisit a money-laundering scandal at ING that culminated in a 775 million euro ($939 million) settlement.
We’re currently clarifying the organizational questions in relation to the court’s decision,» the Dutch prosecutor told Handelsblatt. The German outlet reported that it may take prosecutors as long as 18 months to decide whether to press charges against Hamers or not, citing a person familiar with the investigation.
The matter is potentially explosive for the Swiss lender, which hired him in full knowledge of the 2018 settlement – UBS had ordered an outside evaluation of Hamers while recruiting him, and the Dutch banker also passed Swiss fitness and probity checks by regulator Finma.
What UBS didn’t know is that a Dutch activist, Pieter Lakeman, would successfully force the 2018 settlement to be reopened. This represents a major stumbling block for Hamers, who ran ING from 2013 until mid-2020, then joined UBS in September and took over fully three months ago.
The Dutch prosecutor’s comments perfectly exemplify the logistics involved in reopening the investigation: Hamers has since moved to Switzerland and is widely expected to later this month unveil an outline of his plans to modernize and update UBS during his tenure.
But he must also appear in-person in the Netherlands when prosecutors want to question him, seriously cutting into his chockfull calendar running the Swiss lender. The pandemic also complicates his life in a very practical way: Switzerland last week reimposed a mandatory ten-day quarantine on travels from the Netherlands (the Netherlands requires the same of all visitors from abroad).
Questions & Answers
Q.What is the primary issue Ralph Hamers faces regarding his past role at ING?
What is the primary issue Ralph Hamers faces regarding his past role at ING?
He faces an 18-month journey to determine if Dutch prosecutors will charge him in a money-laundering investigation. This stems from a court order to revisit an ING scandal that led to a 775 million euro settlement.
Q.How did UBS proceed with hiring Ralph Hamers despite the investigation into ING?
How did UBS proceed with hiring Ralph Hamers despite the investigation into ING?
UBS hired him with full knowledge of the 2018 settlement. The bank ordered an outside evaluation during recruitment, and he also passed Swiss fitness and probity checks by the regulator Finma.
Q.What is complicating Ralph Hamers' ability to manage his time between UBS and the investigation?
What is complicating Ralph Hamers' ability to manage his time between UBS and the investigation?
He must appear in person in the Netherlands for questioning, which conflicts with his duties running UBS. Also, pandemic travel restrictions, including mandatory ten-day quarantines between Switzerland and the Netherlands, pose practical difficulties.
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