Swedish Supreme Court acquits former Swedbank CEO in aggravated swindling case
Insights|April 29, 2026
The Swedish Supreme Court has overturned the conviction of Swedbank’s former CEO, Birgitte Bonnesen, who had previously been sentenced to prison for aggravated swindling. The case relates to public statements made in 2018 by the CEO concerning the bank’s involvement in historical money laundering activities in the Baltic region.
At issue was whether those statements misled the market, particularly in relation to potential links between Swedbank and money laundering allegations that had been directed at Danske Bank’s operations in Estonia.
Court of Appeal: misleading impression and market impact
The Court of Appeal had sentenced Bonnesen to one year and three months’ imprisonment. It found that statements made during media interviews in October 2018 gave the false impression that there were no suspected money laundering links, and that these statements were intended to influence public perception of Swedbank’s financial position.
Swedish Supreme Court: protection under freedom of communication
The Swedish Supreme Court reached a different conclusion and acquitted Bonnesen based on the freedom of communication (meddelarfrihet), a constitutional protection in Sweden.
The court emphasized the context. The statements were made in response to journalists’ questions during standard interviews, where there is typically limited time for reflection or preparation.
It also found no evidence that Bonnesen intended to deliberately spread misleading information to influence the market. Instead, the statements were considered part of normal public discourse, which freedom of expression is designed to protect.
Importantly, the Supreme Court did not assess whether the statements were materially misleading.
What does the ruling mean in practice?
The judgment is narrow in scope. It confirms that spontaneous responses in interview settings may be protected under freedom of communication, including for senior executives in listed companies.
However, this protection does not extend to planned or controlled communications such as press releases, investor presentations or other formal disclosures.
Because the Supreme Court did not rule on the accuracy of the statements, the Court of Appeal’s reasoning remains relevant. It highlights that company leadership, especially CEOs with detailed internal knowledge, must ensure that communications are accurate and not selectively framed in a way that creates a misleading overall impression.
Key takeaway
For executives, context matters. Informal interview responses may be protected, but formal market communication remains subject to strict expectations of accuracy and completeness.
As Jenny Welander Wadström, partner of Roschier’s Employment and Corporate Investigations & Compliance practices, says: “The judgment draws a clear line between spontaneous interview responses and structured corporate communication. While executives may benefit from constitutional protections in live media situations, the expectations on accuracy and completeness in formal disclosures remain unchanged and high.”
Related links:
Swedish Supreme Court acquits former Swedbank CEO Bonnesen
Supreme Court clears ex‑Swedbank CEO in gross fraud case
SVT: Swedbank’s former CEO acquitted by Supreme Court (Swedish)