The Danish pension fund for academics and psychologists, MP Pension, has temporarily frozen all investments in Swedbank, following the reveal of the money laundering scandal.

The pension scheme announced that Swedbank is placed under quarantine after almost all shareholders voted against granting CEO Birgitte Bonnesen freedom from liability at the annual general meeting last Thursday.

This included the first national pension fund, AP1, and pensions and insurance providers AMF, Folksam and Alecta.

The quarantine means that MP Pension’s investment department has made a full stop to invest further in the company, which will be heavily scrutinised for a period. The fund holds DKK 14m worth of assets in Swedbank.

MP Pension CEO Jens Munch Holst said in a statement: “Swedbank is in a very uncertain situation after the disclosure of possible money laundering worth billions of dollars. It is a bit reminiscent of the situation that Danske Bank stood in a few months back. Therefore, we have decided that we will wait and see how the situation develops.”

MP Pension has also published its report on responsible investments, which outlines its plans for a complete divestment from tobacco and the exclusion of 14 new countries.

The report also gives an insight into investments in conflict-affected areas, exclusions of companies and shares in oil, coal and tar sands. Furthermore, MP Pension has been vocal in the Danske Bank debate and about including more women in management boards.

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