Financial investigators raid houses in Iceland and UK

olafur-thor-littleThe special prosecutor’s office in Iceland yesterday carried out house searches in co-operation with the UK’s Serious Fraud Office. There were eight house raids in Iceland and four in the UK relating to the dealings of Exista hf.

Exista is being investigated due to its sale of Bakkavor in autumn 2008 and its cancellation of personal guarantees on employee loans taken out to buy shares in Exista.

Exista itself released a statement saying that the Serious Fraud Office is investigating share transactions from when Exista owned part of the British high street chain JJB Sports.

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