SFO to investigate Kaupthing hf
The Serious Fraud Office is to investigate suspected Fraud Act offences committed within the UK jurisdiction in relation to Icelandic Bank Kaupthing hf, prior to the bank's collapse in October 2008.
The SFO is particularly interested in efforts made to attract UK investors to the purportedly 'high yield' deposit account, Kaupthing Edge.
The investigation will seek to identify whether misrepresentations or false representations were communicated by the bank in the push to attract UK investors. Another focus for the SFO investigation will be the decision making processes, which appear to have allowed substantial value to be extracted from the bank in the weeks and days prior to its collapse.
An SFO spokesman said, "This is a complex investigation which crosses numerous jurisdictions. We have been working closely with the Icelandic Special Prosecutor's Office to ensure that comprehensive and robust investigations are conducted both in Iceland and the United Kingdom and to ensure that there is no duplication of effort. We will continue to do so."
The SFO estimate that over 30,000 UK individuals, companies and organisations invested into the Kaupthing Edge deposit account. Anyone wishing to share information with the Serious Fraud Office on this case can do so at the following secure link: https://www.surveymonkey.com/s/9LR8TWX
Serious Fraud Office, Elm House, 10-16 Elm Street, London, WC1X 0BJ
Press Office tel: 020 7239 7001/7045//7004 or mobile: 0781 807 6688 or 0782 730 7680
Main switchboard tel: 020 7239 7272
press.office@sfo.gsi.gov.uk - or via - www.sfo.gov.uk
