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London Business Figures Embroiled In Kaupthing Fraud Investigation

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http://www.guardian.co.uk/business/2010/jun/06/kaupthing-deutsch-bank-iceland

A Serious Fraud Office investigation into Kaupthing, the failed Icelandic bank, is understood to be pursuing a number of allegations of market manipulation involving investment vehicles controlled by some of the bank's largest clients, including several high profile UK business leaders.

It is alleged that in the weeks and months before Iceland's financial system went into meltdown, certain trades improperly used at least €500m (£413m) of Kaupthing funds in an effort to manipulate credit derivatives. Bank bosses hoped this would restore crumbling confidence in Kaupthing's solvency in the months before the bank collapsed in October 2008.

The SFO, which announced a wide-ranging probe into Kaupthing last December, is believed to be closely scrutinising the role of Deutsche Bank, which is said to have been advising Kaupthing throughout 2008 and allegedly played a role in facilitating suspect trades. Investigators want to establish whether or not Deutsche Bank or its employees may have acted improperly by pushing trades through.

A spokesperson for Deutsche Bank said: "We are co-operating with the authorities in seeking to establish the facts in this matter." The bank declined to comment on details of the allegations.

Also caught up in the investigation is Conservative party donor Tony Yerolemou, who is the London-based food manufacturing entrepreneur behind the Cypressa food brand. Others who have become embroiled in the saga include high street fashion entrepreneur Kevin Stanford and his former wife Karen Millen.

There is no suggestion of dishonesty on the part of Stanford, Millen or Yerolemou, all of whom had close ties to Kaupthing – the latter being a non-executive director at the bank. They are not thought to have known the trades might amount to market abuse on the part of Kaupthing.

Still light touch regulation is the way forward, bankers can be trusted.

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'Course it's only ever Jonny Foreigner who commits crimes in this country.

None of the Scottish or English banksters need to be investigated.

You remember them - they apologised in front of parliament so they could walk off with their pensions for life, keep their peerages and hand us the bill.

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'Course it's only ever Jonny Foreigner who commits crimes in this country.

None of the Scottish or English banksters need to be investigated.

You remember them - they apologised in front of parliament so they could walk off with their pensions for life, keep their peerages and hand us the bill.

The Icelandic banks were in another league altogether from even the worst UK banks. When they were privatised they were given to friends of Icelandic politicians with loans from the banks they were buying. The loans were never paid back, or even interest payments made, the new owners just took huge dividends until the banks collapsed a few years later.

The owners stole the money lent to the banks (bond issues and depositors funds) into offshore accounts and companies under their control. Along the way they bribed politicians, newspaper owners, university processors etc. Ramping shares of each other banks, lending money to children and employees to buy shares to hold up the share price - every corrupt practice they could try.

Iceland is an Mafia organisation - thats not hype; its a point blank truth the country is a criminal gang. Not comparable to the UK at all, here banks simply screwed the economy over and destroyed themselves.

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Sheik Al Thani got 50 Million Dollars for Lending his Name to Kaupthing Bank Deal

A phone call between two former Kaupthing Bank employees who are now top managers at Arion bank revealed that a big transaction of shares in Kaupthing in September 2008 was funded by the bank. According to eyjan.is and other sources the purpose of a complex scheme behind the transaction was to hide the fact that Ólafur Ólafsson, owner of Samskip shipping and one of the owners of Kaupthing at the time, was behind the deal.

Kaupthing headquarters. IPA Photo.

Al Thani, an Arabic Sheik, allegedly bought a 5 percent share in Kaupthing in September 2008. According to interrogations of the special prosecutor over Halldór Bjarkar Lúdvígsson, previously a Kaupthing employee but now an Arion bank manager of corporate finance, “the boys in Luxemburg” were primary actors in the complex business plot. According to Lúdvigsson’s testimony CEO Hreidar Már Sigurdsson and Kaupthing Luxemburg manager Magús Gudmundsson organized the transaction.

Ólafur Ólafsson, Photo: Samskip

In a recorded phone call between Lúdvigsson (HBL) and internal auditor Lilja Steinthórsdóttir (LS) the plot is described. According to Eyjan.is a report of the phone call has been leaked to DV.

LS: OK, why was Choice created, or what type of company was it?

HBL: This was one more BVI company, you see.

LS: Yes is this just to cover the tracks, or why is it done like this?

HBL: Yes this is in fact done to hide the fact that Óli [Ólafur Ólafsson of Samskip] owned half of this, you see.

LS: Yes, OK.

HBL: The only way to get flagged on this [reporting a 5% share by an individual] was this company, owned 100% by the sheik.

LS: That the sheik owned it all.

[...]

LS: But what were these US dollars for, how should they be used?

HBL: This was fundamentally just a kickback the sheik should get for, for being involved.

[...]

HBL: And then as a matter of fact the sheik had been promised that he would get 50 million dollars.

LS: Yes.

HBL: Right away.

LS: Yes.

HBL: To, you see, to, you see, yes you see as a payment for lending his name to this, you see.

http://www.icelandreview.com/icelandreview/daily_news/?cat_id=29314&ew_0_a_id=363504

Just another tiny example of what the icelandic banks were up to.

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<br />Light touch-paper regulation more like.<br /><br /><img src="http://www.coonabarabran.local-e.nsw.gov.au/environment/1802/Image/fireworks.jpg" /><br />
<br /><br /><br />

LUX=LIGHT a favorite of the illumin_ati!

Loads of highly secretive dodgy money stuff goes on in LUX_embourg then outward-bound to the off-shores!

It's a one-off specialist 'free' state in Europe headed by a "Grand Duchy of Luxembourg" where loads of household name companies like AMAZON, Ebay/PAYPAL etc hide their accounts!

Amazon Services Europe SARL. 5 Rue Plaetis: L-2338 Luxembourg: Registered in Luxembourg No. B-93815

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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