BP oil dumped by Nordea.
Another fallout caused by the British Petroleum (BP) oil spill into the Gulf of Mexico, the Nordic region's largest bank, Nordea, has opted to dump all BP stock. Their holdings are worth about $11.94 million at present, although the shares' value has dropped at least a third since the oil platform disaster started on Apr. 20.

In total, some 20 Nordea funds available in the Nordic countries with BP investments are directly affected. Nordea is also canceling further investments in the oil firm.

"The environmental catastrophe in the Mexican Gulf is an extraordinary situation given the size of the spill, weak response from BP, criminal investigation towards the company as well as anticipated risk for other accidents," Nordea said in a statement Monday, June 7.

The banks responsible investment committee slammed BP for failing to comply with its own safety and environmental rules and for not disclosing information and not being transparent. No further investments will be made until clarification from the British oil company, with Swedish chairman Carl-Henric Svanberg, on systematic risk management has been evaluated.

Rapidly nearing the point when his name is becoming synonymous with the blight on the South States' ecology, Svanberg's removal has been suggested by, among others besides the board of Nordea, US President Obama as well as his own senior BP board members.

Once bound for glory in the Elysian field of corporate directors, the former CEO of Ericsson traded his job to head BP less than four months before the "Deepwater Horizon" leak destroyed the northern Gulf of Mexico.

Looming ominously toward becoming far greater in its impact than the Exxon Valdez spill caused Alaska's milieu, the BP disaster's devastation along the southern American coastline and wetlands continues to grow and defies estimation of its extent or, if even possible, enormous cost for repair.

At press time, Svanberg remains on the board of Ericsson and holds 3,234,441 shares in the firm. Before Ericsson, Svanberg headed Assa Abloy and today is reporting still serving on other boards including Melker Schörlinga and Stockholm Challenge Advisory Board.