Ten People Questioned over Imon’s Landsbanki Acquisition Skip to content

Ten People Questioned over Imon’s Landsbanki Acquisition

Around ten individuals have been called in for questioning in relation to an investigation of the acquisition by Imon, a company owned by investor Magnús Ármann, of shares in Landsbanki four days before the bank collapsed last fall.

The headquarters of Landsbanki in Reykjavík. Photo by Páll Stefánsson.

Those questioned include former Landsbanki CEO Sigurjón Árnason, Ármann and people who used to work as brokers at Landsbanki, Morgunbladid reports.

Some of those questioned are being treated as suspects.

The ISK 5 billion (USD 39 million, EUR 28 million) acquisition is suspected to have been financed by Landsbanki to get rid of commercial papers so that the market wouldn’t lose faith in the bank with falling stock prices.

Embezzlement is also suspected to have taken place, for example, that some of those who sold commercial papers to Imon profited from the sale in an unnatural way by having had access to insider information. This would be in violation of the provision on embezzlement in the penal code.

Click here to read more about investigations in relation to Landsbanki.

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