Search Continues for Former Head of Danske Bank's Estonian Branch

By Dominic Chopping

STOCKHOLM--The former chief executive of Danske Bank's (DANSKE.KO) Estonian branch is still missing, 24 hours after he first disappeared, Estonia's Police and Border Guard Board told The Wall Street Journal on Tuesday.

Aivar Rehe headed the Danish bank's branch in Estonia, where the troubled lender is embroiled in a huge money-laundering scandal.

Danske is being investigated by authorities in Estonia, Denmark, France and the U.S. over allegations that around $230 billion in suspicious funds from Russia and other former Soviet states entered Europe through its tiny branch in Estonia.

Mr. Rehe, 56 left his Tallinn home for a walk at 10:00 local time Tuesday and hasn't been seen or heard from since.

Around 40 police officers and volunteers searched for Mr. Rehe near his home but the search party was not able to locate him yesterday, the police said.

"Police officers are continuing to look for Aivar today," police spokesman Kristjan Lukk said.

"As of now, we have no information of his whereabouts, but as he has been missing for 24 hours, there is a risk that his life and health may be in danger."

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

September 24, 2019 04:32 ET (08:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.