Sigrún Davíðsdóttir's Icelog

The complicated life of David Rowland

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David Rowland, who will be the Conservative Party’s treasurer come October, has had a colourful live with some dirty spots here and there – or that’s at least what the Daily Mail has dug up. Rowland bought Kaupthing Luxembourg, turned it into Banque Havilland with his son Jonathan now as its CEO after Magnus Gudmundsson who used to run Kaupthing Luxembourg and was retained by the Rowlands was remanded in custody because of an ongoing Icelandic investigation of Kaupthing. Havilland is the administrator of the failed bank, through Pillar Securitisation.

It was through Kaupthing Luxembourg that Kaupthing, under Gudmundson, ran its most shady deals – and from there the web trails to offshore havens such as Panama, Cyprus and most notably the BVI. Recently, authorities in Luxembourg searched the premisses of Havilland on behalf of the Office of the Special Prosecutor in Iceland, to aid investigations unrelated to the present Banque Havilland.

It’s interesting to note, however, that there are still some Icelandic clients at Havilland. Gaumur, a company owned by Jon Asgeir Johannesson and his family, has a Luxembourg subsidiary registered with Havilland with three BVI companies, previously owned by Kaupthing, registered as Gaumur S.A.’s directors so no changes there in that respect.

Daily Mail notes that Rowland once said that money makes your life complicated and the more money the more complicated life becomes. Now that Rowland will be taking up a position with the Tories he’s bound to be heavily scrutinised by the press and that might in turn make his life more complicated.

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Written by Sigrún Davídsdóttir

July 10th, 2010 at 11:47 pm

Posted in Iceland

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