Icelandic Bank Collapse Arrests

Icelandic Bank Collapse Arrests.

Police officers and Serious Fraud Office (SFO) Investigators, raided the offices of property tycoons Robert and Vincent Tchenguiz and they have both been arrested along with seven other men as part of an investigation into the collapse of Icelandic bank Kaupthing.  Robert Tchenguiz borrowed £1.25 billion from the failed bank to finance deals, he also owned a stake in Kaupthing.    An official Icelandic Report into the country's financial crisis has criticised the extent of Kaupthing's loans to Robert Tchenguiz and companies, the report found that rules on large exposures were not followed.

The SFO has been working with Icelandic authorities, investigating why substantial funds flooded out of the bank in the days before it failed.  They will also study whether the bank had misled savers to try to encourage deposits into its high-interest Kaupthing Edge accounts in the UK.  

Need An Adviser Links: Members ¦ Financial Advice ¦ Retirement ¦ Legal ¦ Tax ¦ Insure Invest ¦ Shop ¦ International

Other Links: Home Page ¦ Contact us ¦ Book Callback ¦ Free Consultation ¦ Newsletter ¦ Money MOT ¦ Discounts ¦ News