Kaupthing’s GIR Investment Fund Investigated Skip to content

Kaupthing’s GIR Investment Fund Investigated

The office of the Directorate of Tax Investigations in Iceland has launched an investigation into a presentation held by representatives of Kaupthing Bank on a so-called GIR Capital Investment Fund at Hótel Holt in Reykjavík almost ten years ago.

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

The decision was made following claims made by actor Ari Matthíasson on RÚV’s political chat show Silfur Egils on Sunday, Morgunbladid reports.

According to Matthíasson, Kaupthing managers of the GIR fund told investors that the fund would deliver annual profits of 40 to 50 percent and that the proceeds could be paid into accounts anywhere in the world. The GIR fund is registered in the Cayman Islands, Matthíasson claimed.

“It is a serious matter if a product is being marketed with the purpose of allowing people to directly elude tax payments. That has to be investigated,” said head of the Directorate of Tax Investigations, Bryndís Kristjánsdóttir.

“We will speak with him [Matthíasson] more thoroughly and then I expect us to collect reports from others as well,” Kristjánsdóttir said.

Click here to read another recent news story about the new state-run banks.

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