Iceland’s Special Prosecutor Raids Premises of Exista Skip to content

Iceland’s Special Prosecutor Raids Premises of Exista

Ólafur Thór Hauksson, Iceland’s special prosecutor, ordered house searches of the premises of investment company Exista, former Kaupthing Bank majority shareholder, in eight locations Iceland and four in the UK yesterday. People were also taken in for questioning.

Exista is suspected of embezzlement, being in breach of laws concerning limited companies, misinforming the authorities and being in breach of certain provisions of the general penal code as well as the special penal code concerning the aforementioned violations, reports.

Significant financial interests are at stake and the investigation includes a number of individuals and companies.

A total of 30 people participated in the actions in Iceland and, in the UK, four employees of the special prosecutor’s office cooperated with British police officers and employees of the SFO.

Hauksson told Morgunbladid that he is aiming to file the first charges as a result of his investigation of the banking collapse in the spring of 2010. However, extensive cases often call for further investigation and delays, he added.

Around 60 cases have been investigated by his office, 18 of which have been sent to other investigative institutions, discontinued or merged with other cases. New cases have been sent to the special prosecutor in the past months.

Hauksson explained that many of the cases his office is investigating are “very heavy” and call for extensive work. Sometimes it is necessary to take statements from the same people more often than once.

In the Byr savings bank case in December, statements were needed from the same people three or four times because of new items that required explanation, Hauksson said.

He stated that the investigation of the most extensive cases won’t conclude in the coming months. It is necessary to investigate them thoroughly and go through all the facts before making a decision on whether or not to file charges.

Click here to read more about the Byr investigation and here to read more about Exista.

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