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Nine arrested in SFO Kaupthing investigation

Nine men have been arrested in London and Reykjavik this morning in relation to the Serious Fraud Office’s ongoing investigation surrounding the collapse of the Kaupthing banking Group.

The FT is reporting that high profile entrepreneurs Vincent and Robert Tchenguiz are among those who have been arrested as part of an investigation into the failed Icelandic investment bank.

Seven have been arrested in London and a further two in Reykjavik. In London two business properties and eight residential addresses were searched.  During the course of the London operation the seven men arrested were taken to Police Stations in Central London for interview.  The arrested suspects’ ages ranged from 42 to 54.

Two residential properties were searched in Reykjavik and two males aged 42 and 43 and were arrested and interviewed. This operation was undertaken at the request of the SFO and is being effected by the Special Prosecutor’s Office, with SFO investigators in attendance.

The SFO announced its intention to investigate the Icelandic bank in December 2009. The SFO said it was particularly interested in efforts made to attract UK investors to the purportedly ‘high yield’ deposit account, Kaupthing Edge. The investigation looked to identify whether misrepresentations or false representations were communicated by the bank in the push to attract UK investors.

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There is one comment at the moment, we would love to hear your opinion too.

  1. Glad to hear action is being taken, but my company is now be forced to pay compensation to investors who complained about the investment, via the Financial Ombudsman’s Office, who are forcing us to pay out. Therefore my company will be detrimentally affected when it looks as though there may be a criminial investigation. This cannot be right. Why is the Financial Ombudsman forcing payouts when it is clear more needs to be known and understood about the situation? Penalising financial advisers is not the right approach. It is appreciated investors lost out and need to be compensated, but not by the advisers who placed investments in good faith when it appeared to be a secure and entirely appropriate place to invest.

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