Roskilde Bank Report Could Prove Useful in Iceland Skip to content

Roskilde Bank Report Could Prove Useful in Iceland

By Iceland Review

Director of the Icelandic Financial Supervisory Authority Gunnar Th. Andersen and special prosecutor due to the banking collapse Ólafur Thór Hauksson believe a report on the fall of the Danish Roskilde Bank might prove useful to their investigation.

Photo by Páll Stefánsson.

The Danish state took over Roskilde Bank approximately one year ago. In February the bank’s resolution committee called for an investigation into the work of the bank’s former board members and executives due to suspicion of extensive lawbreaking. The investigative report has now been released, Fréttabladid reports.

The report lists a number of crimes that may have been committed, for example that the bank’s director, Niels Hansen—who is considered primarily responsible for its collapse—may have abused his position to benefit himself and the people close to him at the cost of the bank’s customers.

Furthermore, laws on stock offering may have been broken, in such a way that the bank itself and related parties bought extensive shares in the bank. There are indications that both the Danish Financial Supervisory Authority and the public were deceived and laws on the obligation to inform supervisory authorities were possibly broken as well.

Andersen said it would be interesting to study the report as comparison could be drawn, although he would not confirm that exactly the same crimes as listed in the report had taken place in Iceland.

“We have seen, for example, large loans being granted without collateral, loans to raise the value of stocks—a very ugly abuse there—and insider trading to a large extent,” Andersen said.

A number of cases have been sent to the special prosecutor. “Before this investigation is over we will probably have seen all examples of all thinkable [economic crimes],” Andersen added.

The Danish laws on such crimes are similar to those in Iceland—to a large extent it is a question of standardized European regulations.

Hauksson, the special prosecutor, agreed that it would be interesting to study the Roskilde Bank report to see whether it contains information that could prove useful for his investigation in Iceland.

Click here to read more about cases reported to the special prosecutor’s office.

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