Former Kaupthing Employee Sued for Embezzlement Skip to content

Former Kaupthing Employee Sued for Embezzlement

By Iceland Review

A woman who worked at Kaupthing Bank is suspected of extensive embezzlement before the banking collapse of October 2008. The woman was laid off earlier this year when the bank’s resolution committee found out about her activities.

The headquarters of Kaupthing in Reykjavík. Copyright: Icelandic Photo Agency.

“The woman had worked on the market for a long time and has a long experience in her field,” Rúnar Jóhannsson at the Kaupthing resolution committee told Fréttabladid.

Jóhannsson wouldn’t say how high the amount in question is, but RÚV reported last night that it is up to ISK 500 million (USD 4 million, EUR 2.7 million).

The woman was involved with Kaupthing’s private banking service and was responsible for the purchase and sale of stock for customers who had made a service contract with the bank.

The resolution committee filed a charge against her to police authorities last summer for embezzlement and fraud. Jóhannsson said he believes her case has yet to be investigated.

Kaupthing has now been re-branded as Arion Bank.

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