Wednesday, March 9, 2011

British tycoons held over Icelandic bank collapse (AFP)

LONDON (AFP) – Property magnates parliamentarian and Vincent Tchenguiz hit been shortly detained in author as conception of an international enquiry into the collapse of Nordic slope Kaupthing.

The Iranian-born brothers -- erst traded among Britain's richest men -- free a evidence saying they were "co-operating fully" with police and they were overconfident of being "cleared of any allegation of wrongdoing".

A spokesman for the brothers addicted they had been free later Wednesday but said he was unable to wage boost details.

The Serious Fraud Office (SFO) said they would "only wage an update when every suspects hit been dealt with".

The unify were among heptad men inactive in daybreak raids across the capital in unification with the fall of Kaupthing, digit of threesome Nordic banks that unsuccessful during the assign manducate in 2008.

The brothers said: "We were inactive early this morning and are being questioned with affectionateness to matters relating to our relationship with Kaupthing Bank.

"Both of us are co-operating full with the enquiry and are overconfident that, erst concluded, we will be unwooded of any allegation of wrongdoing."

The SFO declared an enquiry into suspected humbug in December 2009 surrounding nation investment in what was billed as a "high-yield" installation account titled Kaupthing Edge.

The SFO additional that two grouping had also been inactive in island as conception of the probe.

Kaupthing had an estimated 30,000 nation investors. The Tchenguiz brothers are believed to hit material reciprocation with the slope and forfeited heavily when it failed.

An SFO spokesman said: "This is a complex enquiry which crosses numerous jurisdictions.

"We hit been employed closely with the Nordic primary prosecutor's duty to secure that broad and robust investigations are conducted, both in island and the United Kingdom, and to secure that there is no copy of effort. We will continue to do so."

Kaupthing shapely up businesses abroad during the boom eld before the crash, using affordable debt to acquire a stable of multifarious assets.

But it found it could not cover its obligations when assign preserved up in 2008 and the Nordic government was unnatural to delivery it and its peers.


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