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SFO ends Kaupthing collapse investigation

Posted 15/10/2012 - 15:34 by anrigaut

2012-10-14 23

The Serious Fraud Office has ended its investigation into the collapse of Icelandic bank Kaupthing, over which it has been heavily criticised.

Property tycoons the Tchenguiz brothers were arrested in 2011 - but in June the SFO dropped its investigation into Vincent Tchenguiz.

The ending of the inquiry into Kaupthing means it has also ended its investigation into Robert Tchenguiz.

The SFO has apologised to the brothers and admitted mishandling the case.

The SFO said that there was "insufficient evidence to justify" the continuation of the investigation any longer

SFO press release here:
"... The SFO will continue its close cooperation with the Special Prosecutor's Office in Reykjavik."

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Sir Mervyn King rejects criticism for crisis

Posted 03/05/2012 - 08:41 by anrigaut

2012-05-02 23

The governor of the Bank of England, Sir Mervyn King, has rejected blame for the financial crisis.

"My main point was not to try to blame anyone - this was a failure of the system," he told BBC Radio 4's Today Programme. ....

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Iceland ex-PM Haarde 'partially' guilty over 2008 crisis

Posted 23/04/2012 - 19:27 by anrigaut

2012-04-22 23

Former Icelandic PM Geir Haarde has been found guilty of one of four charges of negligence relating to the 2008 financial crisis that saw the island's economy go into meltdown.

A court in Reykjavik said he had failed to formally inform his fellow ministers about the troubles ahead.

However, the court said Mr Haarde would face no punishment.

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Isle of Man banking sector slumps

Posted 28/10/2011 - 14:39 by anrigaut

2011-10-27 23

The banking sector on the island shrunk by almost a quarter in the period between 2009 and 2010, according to official figures.

The Isle of Man treasury report said the down turn is a consequence of the global financial crisis.

Despite this, the figures also show an overall growth in the island's economy for the twenty-seventh successive year.

The GDP, an indication of the island's prosperity, increased by 2.1% during the stated time period.

The fastest growing industry in the Isle of Man between 2009-2011 was the e-gaming sector which showed a growth rate of almost 40%.

Despite the banking slump, the finance sector continues to be the island's biggest earner, accounting for 34% of the total income.

Manufacturing has also grown above the national average and now contributes about 5% of the island's total income.

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larger PMS investors have received back 85% of their investments

Posted 02/08/2011 - 17:32 by Brabander

2011-08-02 (All day)

These were investors NOT depositors.
This deal was funded by the UK Treasury and the Northern Ireland Executive.
No doubt the Isle of Man government could have done a similar deal with the UK Treasury if they had desired to do so!
The political will was there to do so in N Ireland!

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Icelandic Banks win Ig Nobel prize

Posted 02/10/2009 - 08:32 by Brabander

2009-10-02 (All day)

Sorry for the spelling error. It was after all a pricy prize. For us that is!

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Icelandic Banks win Ig Nobel price

Posted 02/10/2009 - 08:25 by Brabander

2009-10-02 (All day)

On a lighter note! The deserving winners of the Ig Nobel price for economics are:
"The directors, executives, and auditors of four Icelandic banks for demonstrating that tiny banks can be rapidly transformed into huge banks, and vice versa (and for demonstrating that similar things can be done to an entire national economy)."

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Icelandic government vote to repay UK government

2009-08-27 23

Iceland parliament finally agree to repay the UK and Netherlands governments over the next 15 years for the losses they incurred on Icesave.
What is the IOM government doing re KSF, or PWC for that matter?

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Warning on Iceland's bank fitness

Posted 03/02/2009 - 12:51 by Brabander

2009-02-03 (All day)

Tony Shearer, former head of investment bank Singer and Friedlander (S&F), told MPs that he warned UK regulators in 2005 when Kaupthing bought his bank.

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BBC iPM Broadcast

Posted 11/01/2009 - 18:55 by legacy41

2009-01-10 (All day)

Eddie Mair introduced another sad story from a recently retired RAF Officer Mike Crimble (55), who attempted to try and equate his service(30 years) to his country with the lack of interest from the Government to depositors in a similar situation with predictable results.
Podcast here

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