Governance
Bust Iceland bank accused of fraud |
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| Governance | |
| Written by Gary Howes | |
| Wednesday, 16 December 2009 | |
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SFO set to investigate Kaupthing hf.
The saga surrounding the Icelandic banks continues. committed within the UK jurisdiction in relation to Icelandic Bank Kaupthing hf. The offences are believed to have been committed prior to the bank’s collapse in October 2008. The SFO is particularly interested in efforts made to attract UK investors to the purportedly ‘high yield’ deposit account, Kaupthing Edge. The investigation will seek to identify whether misrepresentations or false representations were communicated by the bank in the push to attract UK investors. Another focus for the SFO investigation will be the decision making processes, which appear to have allowed substantial value to be extracted from the bank in the weeks and days prior to its collapse. An SFO spokesman said, “This is a complex investigation which crosses numerous jurisdictions. We have been working closely with the Icelandic Special Prosecutor’s Office to ensure that comprehensive and robust investigations are conducted both in Iceland and the United Kingdom and to ensure that there is no duplication of effort. We will continue to do so.” The SFO estimate that over 30,000 UK individuals, companies and organisations invested into the Kaupthing Edge deposit account.
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