French asset management boutique La Financière Responsable has announced it has liquidated all ING Groep positions in its portfolios on 2 March 2018 following recent revelations published by Dutch trade newspaper Het Financieele Dagblad on the money laundering and corruption probe faced by ING since March 2017.
The role of ING Bank in a money laundering and corruption case in Uzbekistan is being investigated by Dutch prosecutors and could lead to a significant fine for the Dutch financial group.
“ING Bank is the subject of criminal investigations by Dutch authorities regarding various requirements related to the on-boarding of clients, money laundering, and corrupt practices,” stated the firm in its 2017 annual report.
The Het Financieele Dagblad has revealed the investigation faced by ING now goes beyond the Uzbekistan case and that Dutch prosecutors have extended it to four money laundering cases, in which ING accounts are suspected to have been used.
La Financière Responsable said that in March 2017, the Dutch group informed investors of a potential controversy risk but the French boutique waited for more information on the probe. Given the new revelations and the likelihood of a fine for ING, La Financière Responsable has decided to sell all ING stocks in order not to expose its clients to the Dutch bank’s controversy.
ING has not reacted yet to the revelations published by the Het Financieele Dagblad.