Danske Bank A/S, Nordea Bank Abp and Skandinaviska Enskilda Banken AB denied being complicit in a 12.7 billion Danish kroner tax fraud scheme and expressed their willingness to help in the Danish Financial Supervisory Authority's investigation into the matter, Reuters reported.
Danish Tax Minister Karsten Lauritzen had requested that the Danish watchdog conduct the inquiry, indicating concerns that the banks might have shirked their social responsibility.
The Danish regulator said it will discuss the minister's request with the country's tax authorities as soon as possible, according to the Nov. 2 report.
Denmark aims to recover $2 billion of taxes lost to a dividend-stripping scheme under which a bank on a temporary basis takes over shares that are owned by foreign investors right before a dividend is paid on them to claim tax breaks.
As of Nov. 2, US$1 was equivalent to 6.55 Danish kroner.
