Sigrún Davíðsdóttir's Icelog

Addition re OSP, Luxembourg and Kaupthing

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When I published the names of those who tried to block the handing over of the Kaupthing Luxembourg documents to the Office of the Special Prosecutor I didn’t know who Einar Bjarni Sigurdsson was. Now I do, thanks to an attentive Icelog reader. Sigurdsson was Head of Private Banking at Kaupthing Luxembourg and was one of the first Kaupthing settlers in Luxembourg. Unlike many of the Icelanders at Kaupthing Luxembourg, he left the bank almost immediately after the collapse and set up the asset management company Arena along with some ex-Landsbanki employees. I mentioned that according to Icelandic media he is related to Egill Agustsson. In addition, he worked for Agustsson before joining Kaupthing.

Arena Wealth Management has a website with nothing on it but the name of the company and contact details, no names of those who run it or what they do. Apparently, they expect business through word of mouth, not through their website. It was set up as a Luxembourg company in December 2008.

Talking to someone well acquainted with Kaupthing recently, he mentioned that in order to describe the Kaupthing operation it was best to think of a bank within a bank: that there had been a closely knit inner circle in the bank, ca eight managers, who did indeed operate like a loose cannon on their own. Now that’s a thought.

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Written by Sigrún Davídsdóttir

March 4th, 2011 at 11:33 pm

Posted in Iceland

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