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Iceland bank probe: tycoons arrested

posted 9 Mar 2011, 12:57 by Mpelembe   [ updated 9 Mar 2011, 12:59 ]
Property tycoons Vincent and Robert Tchenguiz among nine arrested in coordinated raids in London and Reykjavik.
UK-ICELAND ARREST - More than two years after the collapse of Iceland's Kaupthing bank UK police have arrested nine people in a series of raids in London and Reykjavik.

The business tycoons Vincent and Robert Tchenguiz are reported to be among those arrested.

Britain's Serious Fraud Office carried out co-ordinated raids at 12 addresses in the two cities.

135 police officers and SFO investigators were involved in the operation.

Seven men were arrested in London and two in Iceland - all are aged between 42 and 54.

Iceland's main commercial banks - Glitnir, Landsbanki and Kaupthing - collapsed in the space of a week after years of aggressive overseas expansion.

The Iranian-born Tchenguiz brothers amassed a real estate portfolio worth up to 4 billion pounds ($6.5 billion) during a series of UK property booms.

In a statement, the men said they are co-operating fully with the investigation and are confident they will be cleared of any allegations of wrong doing.

Kirsty Basset, Reuters.