© RTL
Havilland Bank is at risk of losing its licence in Luxembourg, putting around 130 jobs on the line as international media say the bank has been targeted by the ECB and the CSSF, the Financial Sector Supervisory Commission in the Grand Duchy.
The banking union ALEBA has also been informed, through the staff delegation, of the concerns of the bank's 130 employees. The Havilland bank has its headquarters on Avenue Kennedy in Kirchberg, as well as subsidiaries in Switzerland, Liechtenstein. and Monaco. It has made headlines in recent weeks following a spate of scandals.
Six years ago, the CSSF fined the company €1 million for poor governance in the fight against money laundering. The bank was also suspected of actively participating in speculation against the Qatari currency in Great Britain, not to mention dubious business relations with the British Prince Andrew, a money laundering case in Monaco, and even tinkering with the volume of the parent company's declared loss in Luxembourg.
ALEBA says they are concerned over the potential risk to employees and has asked the bank for a budget to properly compensate its staff. President Roberto Mendolia said the bank should "secure a budget to guarantee that all these employees who have been loyal to them will have an honourable exit in relation to everything they have given for the company. They are not responsible for what is happening and we simply hope that the company will respect this social aspect in relation to their employees."
The CSSF has not published any statement as of yet.
Havilland Bank has already begun to cease operations in Liechtenstein and Switzerland, according to several specialist media outlets. Fabian Käslin, CEO of the banks in these two countries, left his position last April.
