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. |
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