Head of Austrian Bank, Grahammer resigns over Panama Papers scandal

Still on the Panama Papers scandal.....more ripple effects are coming in as the head of an Austrian bank resigns his position.
The Panama Paper scandal has claimed yet another casualty following the resignation of the Head of Austrian regional bank, Michael Grahammer on Thursday.
Announcing his resignation, the 51-year-old, however, denied any wrong doing.
Grahammer said, “At the end of the day, what made the difference in taking this step was the prejudgment through the media of Hypo Vorarlberg and of myself in recent days,”
“I remain 100-percent convinced the bank at no time contravened laws or sanctions,” he said in a statement, adding that he will remain in office until a successor is named.
Hypo Vorarlberg was mentioned in a document leaked on Sunday relating to a Panama law firm allegedly helping the wealthy people evade tax by hiding their assets and launder money.
Following the allegations by the Panama Paper, the Austria’s financial market authority, FMA, on Wednesday opened an investigation into the bank’s accounts, and those of fellow Austrian lender, Raiffeisen Bank International, FBI.