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.