Sigrún Davíðsdóttir's Icelog

The 9th person arrested in the SFO investigation on Kaupthing and the Tchenguiz brothers is Aaron Brown, a trader and a close aid of Robert Tchenguiz and an employee of his investment vehicle R20. Aaron Brown is, according to Icelog sources, instrumental in Robert Tchenguiz businesses and usually among the first to show up in the morning at the Mayfair office. Brown isn’t a known name in the business pages but everyone familiar with R20 and Robert Tchenguiz businesses knows of Brown. Brown also had close connections to Kaupthing and Exista.

In addition to Brown Tim Smalley, another senior employee of R20, the Tchenguiz brothers,  Sigurdur Einarsson, Armann Thorvaldsson and Gudni Adalsteinsson were arrested in London on Wednesday. In Iceland, ex Kaupthing employees Bjarki Diego and Gudmunur Thor Gunnarsson were arrested. The investigation seem to have cost Adalsteinsson his job with the regulator, FSA. The FSA certainly didn’t do a brilliant job of regulating the Icelandic banks, was far too late in stopping them according to former Chancellor of the Exchequer Alistair Darling. The fact that Adalsteinsson was hired by the FSA raises further questions about the regulator’s mindset.

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