London arrests made in Icelandic banking case

Sigurdur Einarsson, former chairman of Kaupthing Bank, and Robert Tchenguiz, who was the now-defunct bank’s biggest customer, were both arrested this morning in London in a joint operation by the Serious Fraud Office and Iceland’s Special Prosecutor into the banking crash.

Searches were carried out at two business premises in the British capital this morning and at the homes of eight people. Seven people were arrested in the operation carried out by the SFO in conjunction with the Metropolitan and Essex police forces.

According to, Robert Tchenguiz, his brother Vincent, Armann Thorvaldsson, former Kaupthing Singer & Friedlander president, and Sigurdur Einarsson are among those arrested at around 05.30 this morning.

One of the searches was carried out at the office of Rotch Property, the business of Vincent Tchenguiz. Today’s searches and arrests are connected to the demise of Kaupthing Bank, according to the Serious Fraud Office. 135 police officers took part in the operation.

Two personal residences were also searched in Reykjavik and two people arrested. The names of those arrested in Iceland have not yet been made available; but they are said to be 42 and 43 years-old. It was the SFO which requested the raids and arrests in Reykjavik and the operation was carried out by Icelandic police, representatives of the Special Prosecutor and SFO representatives from the UK.

More to follow.

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