SFO to begin formal Iceland investigation

glitlandsthingBritain’s Serious Fraud Office will formally begin its investigation into the operations of the failed Icelandic banks Glitnir, Kaupthing and Landsbanki in the United Kingdom.

The investigation will especially focus on loans which several known individuals received from the banks, sources for The Observer within the SFO claim.

Initial investigations have been underway since February into financial crimes and market abuses allegedly carried out by the banks, and the SFO has been collecting reams of information on the operations of the Icelandic banks in Britain. Information has come, among other sources, through its dealings with Eva Joly, adviser to Iceland’s Special Prosecutor for the banking crisis and through co-operation with Icelandic investigators, MBL.is reports.

Meanwhile, The Sunday Telegraph reported that the SFO is to begin a formal investigation specifically into Kaupthing after four months of information gathering. The paper also reports that the former Kaupthing board has hired the services of the respected solicitor Ian Burton from Burton Copeland to look out for their interests with regard to the investigation.

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