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SFO to discuss Iceland banking collapse

Published on 14 Aug 2009 under category: legal

A major crime frauds body is set to meet with Icelandic investors over the collapse of the country's banking sector, it has been revealed.

Richard Alderman, director of the Serious Fraud Office, will undertake discussions with Eva Joly, the French-Norwegian magistrate, regarding this issue.

Among the topics set to be on the agenda are allegations regarding the lending practices at Icelandic banks.

The Fraud Crimes body will examine whether criminal activity played any part in the fall of Iceland's financial sector.

Last year, the country's banking industry fell into crisis, with three of its major firms within this market refinancing some of their debts with help from the UK.

Meanwhile, Glitnir, Iceland's largest bank, was nationalised in September of last year.

In other news, the SFO has this week revealed that it will not launch a full investigation into the demise of MG Rover and whether any criminal activity was present during its collapse.