ICELAND: Int’l Arrest Warrant Against Top Bank Official – IPS ipsnews.net
Posted on May 28, 2010
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Vigorously pursuing those allegedly responsible for Iceland’s 2008 financial crisis, investigators have got issued an international arrest warrant against Sigurdur Einarsson, chairman of the board of governors of the failed Kaupthing Bank.
An Interpol notice on Tuesday said Einarsson was wanted on charges of counterfeiting, forgery and fraud.
Einarsson, who lives in London, was said to be reluctant to come to Reykjavik for fear of being arrested and Icelandic authorities have refused to offer any assurances.
Curiously, in December, Britain’s Serious Fraud Office had opened an investigation into suspected fraud by Kaupthing while trying to attract British investors to its high interest deposit accounts.
On May 6 two former top officials of Kaupthing, formerly Iceland’s largest bank, were called in for questioning by Iceland’s special prosecutor and were then detained in isolation at the main Litla-Hrauni prison in the southern part of the country.
Hreidar Mar Sigurdsson, former CEO of Kaupthing, was placed on 12 days in remand, while Magnus Gudmundsson, former director of the bank in Luxembourg, was remanded to seven days in custody.
Kaupthing, Glitnir Bank hf and Landsbanki Islands hf collapsed in October 2008 after running up total debts worth 61 billion US dollars, calculated as being equivalent to 12 times the country’s GDP.
The government was compelled to take over the three banks and seek an International Monetary Fund bailout as Iceland fell into a deep economic slump, triggering public outrage.
Special Prosecutor Olafur Thor Hauksson was appointed in January last year to investigate suspected criminal actions around the time of the collapse of the banks in October 2008.
“We are researching alleged market abuse by Sigurdsson and Gudmundsson, along with illegal loan granting and breach of trust,” said Bjorn Thorvaldsson, one of the prosecutors who works at the Office of the Special Prosecutor (OSP), when asked why the two men were taken into custody.
Two months after Hauksson started his term in office, Norwegian-French investigative judge Eva Joly, who uncovered the Elf oil company fraud case, became Hauksson’s advisor. She has been continually pressing for more funds and more personnel to push the process onwards.
However, the arrests would not have been possible had it not been for the Parliamentary Althingi’s Special Investigation Committee (SIC), which published its report on the causes behind the 2008 collapse of the Icelandic banks on Apr. 12.
The authors of the report interviewed people from banks, government ministries, the Financial Supervisory Authority (FSA), the Central Bank of Iceland (CBI) and other bodies, although it states that “the Commission was not expected to address possible criminal conduct of the directors of the banks in their operations”.
Amongst other things, the report summary says: “The banks had invested their funds in their own shares”, and “the banks held a lot of their own shares as collateral for their lending. With share prices declining, the quality of their loan portfolio declined. This could in turn affect the banks’ performance and, consequently, the price of their stock. Additionally, the employees of the banks in many cases owned significant shares in their own bank, sometimes even financed by the bank itself.”
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The elite must be stopped. They made up this manmade global warming scam to finance our enslavement via their new one world communist dictatorship. They told us the bailout ripoff was 800billion and they have taken 34 trillion. The msm is their gatekeeper. They own the msm. WAKE up and be ready because they are destroying us by design. STop them or you are selling your kids futures out because you are cowards.