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Ex-Kaupthing chief arrested

Kaupthing’s former chief executive Hreidar Mar Sigurdsson has been arrested on suspicion of embezzlement, according to reports.

Sigurdsson was detained in Reykjavik yesterday, suspected of embezzlement, trading irregularities and other breaches of banking laws.

Icelandic bank Kaupthing was taken over by the government along with Landsbanki and Glitnir in October 2008. 

In December 2009, the Serious Fraud Office launched its own investigation into the bank’s efforts to attract UK investors to the purportedly ’high yield’ deposit account, Kaupthing Edge.

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