The Serious Fraud Office (SFO) has launched an investigation into the UK activities of Kaupthing, the Icelandic bank that collapsed in October 2008.
Enquiries will centre on the bank’s Kaupthing Edge brand, which held money from over 30,000 individual British savers and organisations, and whether savers were misled into making deposits into accounts that promised high-yields.
The SFO, which has described the investigation as “complex” and “crossing numerous jurisdictions”, will also examine the flow of funds from the UK in the days before Kaupthing failed.
Officers will be working closely with Icelandic authorities during the investigation.
An SFO spokesman said: “We have been working closely with the Icelandic Special Prosecutor’s Office to ensure that comprehensive and robust investigations are conducted both in Iceland and the United Kingdom and to ensure that there is no duplication of effort.”
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