The Board of Directors at LLB will propose to renominate Georg Wohlwend as its Chairman at the Annual General Meeting of shareholders due to be held in May next year, the bank writes in a press release. In November, Wohlwend resigned from this role after a preliminary investigation was launched in connection with suspicions of insider trading. However, according to LLB, these accusations did not relate to any activities Wohlwend carried out for the bank.
The Liechtenstein Public Prosecutor's Office has now discontinued the investigation, LLB explains further in the press release. “The LLB Board of Directors is very pleased that the facts of the case have been conclusively clarified and that the proceedings against Georg Wohlwend have proven to be groundless”, the bank writes. Vice Chairman of the Board of Directors, Gabriela Nagel-Jungo, will continue to perform the duties of the Chairman of the Board of Directors at LLB until the Annual General Meeting in May 2021.