Over 100 under investigation in Iceland bank crash probe

Iceland’s Special Prosecutor into the banking crisis says that well over a hundred people are being investigated by his office.

Olafur Thor Hauksson told Frettatiminn that well over a hundred people are legally classified as suspects in his team’s investigations into the causes of the Icelandic banking crisis — adding that the number is set to increase quickly in the near future.

So far, the Special Prosecutor has only brought charges in two cases: one over a company called Exeter Holdings and the other against Baldur Gudlaugsson, the former Ministry of Finance undersecretary.

Five people have so far been taken into custody since the prosecutor started work in early 2009.

However, Hauksson and his former chief assistant Eva Joly have regularly stressed that the investigation will take a long time. Joly told the press it could well be four years before satisfactory results are reached. She also stressed that to rush the cases would probably lead to their failure.

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