Well, Independence Party head Bjarni Benediktsson said earlier this week that he didn’t want a Wild West in Iceland, when talking about the Kaupthing records being made public. But Bjarni’s party seems to have laid the foundations for a lawless society quite well during their 17 years in charge. An angry man attacked an employee [...]

The SFO’s team has intensified its inquiries following the leak of Kaupthing’s loan book on to an internet site, Wikileaks.org, over the weekend, according to sources, A team is understood to be examining the document connected to the failed Icelandic bank, which had a large UK client base. It has also received information relating to [...]

Kaupthing’s leaked documents are welcome proof of what people have been saying since last autumn, and what some experts warned for years. The Icelandic banks were controlled by an elite who raked in as much money as possible for themselves, through loans with worthless or no collateral and bonus payments and dividends that were based [...]

The leaked document also reveals the extent to which Kaupthing had been lending to those with a major economic interest in the bank’s shares. For example it sets out a complex web of loans and shares posted as collateral between the bank, holding company Exista, which owned 23% of Kaupthing, and Exista’s controlling shareholders Agust [...]

Different times for business news from Iceland, “Owners rob Kaupthing”. From the German Financial Times

First they tried to stop Wikileaks from publishing this and then the solvency committee of Kaupthing managed to get a ruling against the State Broadcasting News from talking about the findings. Absolutely useless, the information is already everywhere and only confirms what people have been asking, yes Kaupthing like the other Icelandic banks was used [...]

No. We will not assist the remains of Kaupthing, or its clients, to hide its dirty laundry from the global community. Attempts by Kaupthing or its agents to discover the source of the document in question may be a criminal violation of both Belgium source protection laws and the Swedish constitution. Who is your US [...]

This will be the second time in 18 months that Bay has undergone a painful restructuring. Last year, Mr Tchenguiz put his Laurel Pub Company through a pre-pack administration, splitting the business into two — Bay and the Town & City Pub Company. Mr Tchenguiz ceased to have any involvement in either business in March [...]

This should be big news. Today’s Frettabladid reports the following: “Two young men, born in 1989 and 1990 who are suspected of massive financial fraud are being kept in isolation under arrest because of the seriousness of their case. This is revealed in the courts’ verdict at their hearing. The men are believed to have [...]

Every day brings a new queasy revelation in the country which the Germans now call Crisisland. Today I met someone who is leaving the country, relieved to get away from all the negativity that has infiltrated every thread of society. Another friend said he foresaw the future in the same way. Occasionally you will find [...]