Former bank CEO found dead

The former head of Danske Bank in Estonia, which is facing lawsuits from pension funds, has been found dead after being reported missing on Monday.

The Estonian Police and Border Guard Board confirmed in a statement that the body of Aivar Rehe, who had been missing since 23 September, was found near his home this morning (25 September) at a site that had been checked previously.

There were no signs of violence to the body and no indication of an accident, it confirmed.

In a statement, the Estonian Police said: “To protect the family, the Police and Border Guard Board is not releasing any more details on finding the body. Neither will there be an investigation into the matter.

“We would like to thank everybody who assisted the police in the search and we offer our condolences to Aivar Rehe’s family.”

Rehe, who lived in Tallinn, was chief executive of the Estonian branch of Danske Bank from 2007 to 2015.

European Pensions reported in March this year that institutional investors were suing Danske Bank for $475m in damages for losses following a money laundering scandal that has engulfed the bank.

US law firm Grant and Eisenhofer (G&E) filed the lawsuit on behalf of an international coalition of public pension funds, governmental entities and asset managers.

In a statement in March this year, G&E lawyer Olav Haazen said: “Although the criminal laundering scheme flowed through the little Estonia branch, our lawsuit asserts that something was indeed rotten in the state of Denmark, namely that Danske Bank leadership failed to take any corrective action for nearly five years.”

In a statement, Danske Bank sai: "We are saddened to learn of the death of Aivar Rehe, the former head of our Estonian branch. Our thoughts are with the family."

    Share Story:

Recent Stories


Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Podcast - The power of three: Using Common Contractual Funds to improve tax outcomes for investors
Large asset owners are still investing in equities in a way where they are taxed on their income. The implication is that they get a poorer return. They need to, and can, improve this, but how?

In this podcast, AMX Head of Client and Manager Development, Aaron Overy, and AMX Product Tax Specialist, Kevin Duggan, discuss with European Pensions Editor, Natalie Tuck, about three options to help ensure good withholding tax outcomes for institutional investors.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

Advertisement