SFO to Probe British Tycoons’ Iceland Loans Skip to content

SFO to Probe British Tycoons’ Iceland Loans

The British Serious Fraud Office (SFO) is considering launching a public investigation into loans three British tycoons allegedly received from the now defunct Icelandic commercial banks, as reported by the Daily Mail yesterday.

Kaupthing, one of the failed Icelandic banks. Copyright: Icelandic Photo Agency.

According to the newspaper, the investigation is being considered after a SFO delegation visited Iceland recently. The delegation has completed its report on their findings in Iceland and it will be distributed to other SFO employees next week but a decision on an investigation has yet to be made. The SFO is cooperating with Iceland’s special prosecutor.

The Daily Mail states that the individuals in question are, “three of Britain’s best known entrepreneurs – Sports Direct founder Mike Ashley, Chris Ronnie, the former chief executive of rival JJB Sports, and property tycoon Robert Tchenguiz,” while emphasizing that they are not being accused of any crimes.

Tchenguiz would not comment to the Daily Mail, Ashley’s spokesman said he welcomes an investigation and Ronnie’s lawyer said the news story shows that no criminal investigation in relation to his client is taking place at the SFO.

Of these three entrepreneurs, Tchenguiz has been in the spotlight of the Icelandic media on most occasions. He used to be on the board of Exista, Kaupthing’s largest shareholder before the crash, and is among those who received giant loans from Kaupthing with low collateral, visir.is states.

Click here to read more about Tchenguiz and here to read the full article in the Daily Mail.

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