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SFO investigates Deutsche Bank’s role in Kaupthing fraud

The Serious Fraud Office is understood to be investigating the role of Deutsche Bank in suspect trades prior to the collapse of Kaupthing Bank, according to a Guardian report.

It is alleged certain trades improperly used over £400m of Kaupthing funds to manipulate credit derivatives to boost the perception of the bank’s solvency prior to its collapse in October 2008.

The SFO, which announced an official investigation into Kaupthing last December is reported to be scrutinising the role of Deutsche Bank which is said to have been advising the bank throughout 2008.

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