ING Drops After Saying Probe May Lead to Significant Fines
- Dutch bank suspected of facilitating international corruption
- Prosecutors looking at VimpelCom payments to Uzbek official
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ING Groep NV, the biggest Dutch bank, said it may face “significant” penalties in connection with a criminal investigation in the Netherlands related to corruption and money laundering. The shares fell the most in almost nine months.
The investigation focuses on the bank’s role in matters including unusual payments by VimpelCom Ltd. to a company owned by a Uzbek government official, Marieke van der Molen, a spokeswoman for the Dutch public prosecution office, said by email. ING has also received related requests for information from U.S. authorities, the bank said in its annual report published earlier this month.