Sigrún Davíðsdóttir's Icelog

Glitnir questioning over for now

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According to the Office of the Special Prosecutor in Iceland the questioning that’s been going on for the last few days, beginning with house searches on Tuesday has now come to an end. Glitnir’s ex-CEO Larus Welding was questioned today since he arrived in Iceland a day earlier than had been expected. Welding now lives in London.

The unexpected link in this last chain of events is that Thorvaldur Ludvik Sigurjonsson CEO of Saga Investment Bank seems much more involved in the issues that the OSP investigation rotates around, i.e. issues related to certain sales of shares in Glitnir and FL Group, than earlier thought. In a TV interview earlier this week Sigurjonsson claimed that Saga had only been an intermediary in these transaction. That doesn’t quite fit with the fact that Saga actually owned 25% in Stim, the Special Purpose Vehicle set up to buy shares that were rapidly loosing value.

However, the OSP hasn’t really clarified the details but only the main issues that are being investigated.

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Written by Sigrún Davídsdóttir

November 19th, 2010 at 12:08 am

Posted in Iceland

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