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Serious Fraud Office to investigate Iceland’s banking collapse

The Serious Fraud Office is to meet Icelandic investigators next month in a bid to discover if any criminal wrongdoings led to the collapse of Iceland’s banking sector.

According to the Financial Times, SFO director Richard Alderman is to hold talks with anti-corruption expert Eva Joly to assist in the investigation following recent questioning of the lending practices at the Icelandic banks.

Britain was one of the biggest losers following the collapse of the Icelandic banks in October last year. The SFO meeting comes on the back of a leaked report which highlighted unusual lending patterns at Kaupthing Bank, which was one of three to collapse.

Iceland’s coalition government is looking to win approval for a deal to reimburse the British and Dutch governments for £3.4bn, which was paid out in compensation to citizens who held deposits in Icelandic accounts.

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