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Former Kaupthing CEO Questioned in Al-Thani Case

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Former Kaupthing CEO Questioned in Al-Thani Case

Hreidar Már Sigurdsson, who was CEO of Icelandic bank Kaupthing when it collapsed in 2008, was called in for questioning in relation to the investigation of the so-called Al-Thani case last week, according to the sources of mbl.is.

kaupthinghead_ipa-sjo

Copyright: Icelandic Photo Agency.

The case pertains to Sheik Mohamed bin Khalifa Al-Thani of Qatar’s acquisition of a five-percent share in Kaupthing shortly before it collapsed; the acquisition is suspected of having been staged to increase the bank’s value and may therefore fall under market abuse.

Sigurdsson is suspected of having been involved in the market abuse. Ólafur Ólafsson, who was the second-largest shareholder in Kaupthing at the time, was also questioned last week, according to mbl.is.

Ruv.is reports that the Icelandic Special Prosecutor’s Office is currently investigating more than 200 cases, ten of which are expected to be completed before the end of this year. As the number of cases is increasing, more staff are to be hired.

In May 2010, Sigurdsson and other former Kaupthing executives were placed in custody in connection with the Special Prosecutor Office’s investigation of the banking collapse.

Click here to read more about that story.

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