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Sigurdur Einarsson in fraud probe

Published on 13 Oct 2009 under category: legal

An Icelandic banker is being investigated by fraud prosecutors, it has been revealed.

Sigurdur Einarsson, who was formerly the chief executive of Kaupthing, has been named as a suspect by investigators.

This refers to the purchase of a 5.01 per cent stake in the bank by Sheikh Mohammed Bin Khalifa al-Thani - a member of the Qatari royal family.

However, the way in which this deal was structured has come into question, leading to an investigation to detect whether there were any fraud crimes evident in terms of market manipulation.

The deal was announced around three weeks before the collapse of the Kaupthing bank in 2008 amid the worldwide economic downturn.

In other fraud crime news, last week six people - Margaret Canty-Shepherd, Terry Shepherd, Alan Scott, Alan Schaverien, Geert van Meel and Cyril Gold – were charged for their parts in an alleged ticketing scam which was worth around £5 million.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.