SFO - Serious Fraud Office

Kaupthing

The Serious Fraud Office is to investigate suspected offences committed within the UK jurisdiction in relation to Icelandic Bank Kaupthing hf, prior to the bank's collapse in October 2008.

The investigation will focus on the decision making processes, which appear to have allowed substantial value to be extracted from the bank in the year prior to its collapse. 

An SFO spokesman said, "This is a complex investigation which crosses numerous jurisdictions. 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. We will continue to do so."

Updates

Update at 15 October 2012

The Director of the Serious Fraud Office has discontinued the investigation into the circumstances surrounding the collapse of Kaupthing hf on the grounds that there is insufficient evidence to justify continuing the investigation.  The SFO will continue to co-operate closely with the Icelandic Special Prosecutor's Office in Reykjavik.

Update as at 18 June 2012

Today the SFO informed Vincent Tchenguiz that, following a review of his status in the investigation, the SFO has determined that there are now no longer reasonable grounds to consider him a suspect in this case. The City of London Police have been asked to cancel his bail. The investigation into the collapse of Kaupthing Bank is ongoing and the status of other suspects remains unchanged.

Update as at 11 May 2012

The SFO's investigation into the circumstances surrounding the collapse of Kaupthing banking group is continuing. Proceedings for Judicial Review in relation to search warrants executed on 9 March 2011 are underway at the Royal Courts of Justice. The SFO is being represented for these purposes by the Treasury Solicitor.

Update as at 29 March 2011

On 29 March 2011, Luxembourg Police executed search warrants pursuant to overseas assistance requests from the Serious Fraud Office and the Icelandic Special Prosecutor's Office.

The Luxembourg authorities executed search warrants at three business permises and two residential premises. The operation involved over 70 investigators from the SFO, Icelandic Special Prosecutor and Luxembourg Police.

Note: Enquiries relating to the ongoing business of Peverel should be directed to the companies and/or the administrators, Zolfo Cooper.

Update as at 9 March 2011

On the 9 March 2011, the Serious Fraud Office together with officers from the City of London Police, and with the assistance of Icelandic investigators mounted an extensive search and arrest operation in both London and Reykjavik. 

The operation relates to the SFO's ongoing investigation into the circumstances surrounding the collapse of the Kaupthing banking Group

Online questionnaire

If you have any information which you believe would be pertinent to the KAU01 investigation please complete the proforma below with as much information as possible. The information provided will be assessed by our investigation team who will make further contact in due course.

The SFO estimates that perhaps as many as 30,000 organisations may have lost money when Kaupthing hf collapsed. The SFO has set aside a part of its website for those who wish to report losses;

https://www.surveymonkey.com/s/9LR8TWX