New Kaupthing has reported the management of Exista, employees of Deloitte and the law firm Logos to the Special Prosecutor because of the sale of Exista’s shares in Bakkavor Group on September 11, 2009.
Brothers Agust and Lydur Gudmundsson financed their own 8,4 billion ISK purchase of 39,2% in Bakkavor through Exista which is mostly owned indirectly by creditors today. The brothers did not provide any equity themselves and the loan’s due date is unclear. Deloitte and Logos assisted in the deal, in spite of serious remarks by the Company Registry of Iceland.
A ray of hope in “New Iceland”. And reported by mbl.is, Morgunbladid’s website no less.
One question, what does Deloitte’s head office think of its Iceland office role in the Icelandic crash?
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XP
2 years ago
You have no idea, how many Icelandic ( and not only) investors operated in international environment buying companies using “audited” reports done by Deloitte, and not only.
Those guys “called consultants and auditors” were good proof of “healthy” company serious aims when money where required for investment purposes.
Bert Pachetta
2 years ago
Well, they are finally getting around to the enablers!
alex
2 years ago
The special prosecutors probably used to drink on Kauphting’s expenses in down town Reykjavik, (which everybody use to do, it was quite cool that everybody had access to the pin code), so this story is soon forgotten, or the case will always be found in the bottom, of the soon to be mile high pile!
Good Luck