Preliminary investigations against acting UBS CEO Ralph Hamers in a money laundering case involving his previous employer ING, are ongoing in the Netherlands, but it should have been clear some time ago whether or not the public prosecutor's office can charge him with personal misconduct, according to a report in the «Handelszeitung» (in German).

Nothing has been decided yet, with the Dutch public prosecutor's office «Openbaar Ministerie» (OM) citing an overload of work as the cause of the delay.

Caseload at OM

At the OM, an investigation is currently underway against three former managers of the domestic bank ABN Amro, which paid a fine of 480 million euros ($566 million) in a money laundering case last year.

Since then, three managers have also been under personal investigation, including former ABN CEO and Dutch Finance Minister Gerrit Zalm and ex-CEO of Danske Bank, and former ABN manager Chris Vogelzang. The three are accused of being «effectively responsible» for violations of the Dutch Money Laundering Act, according to the report.

The OM had previously dropped its investigation into Hamers and waived charges. But a judge had overturned the decision and ordered new investigations. Without new facts, an indictment against Hamers would be an admission that the prosecutor's office had not worked thoroughly in the first investigation, the statement continues.