DNKEY Danske Bank AVS (PK)

By Dominic Chopping

STOCKHOLM--The former chief executive of Danske Bank's (DANSKE.KO) Estonian branch has been found dead, police confirmed Wednesday.

Aivar Rehe, 56, 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 had been missing since Monday morning when he left his Tallinn home by foot and disappeared. His family raised the alarm and search teams had been looking for him since, but police warned Tuesday that they had become concerned that his life and health may be in danger.

Estonian Police and Border Guard Board spokeswoman Tuuli Härson told The Wall Street Journal Wednesday that he was found Wednesday morning close to his home and there were no signs of foul play.

"There are no signs of violence on the body and there is no indication of an accident," a police statement said.

"In the interest of loved ones police won't go into more detail. No investigation will follow."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 25, 2019 06:00 ET (10:00 GMT)

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