Sigrún Davíðsdóttir's Icelog

Kaupthing challenges the prime minister

2014-05-19 23

Prime minister Sigmundur Davíð Gunnlaugsson has time and again said that the Winding up committees of Glitnir and Kaupthing have not yet presented any composition proposals to Icelandic authorities. Both estates have indeed done so long time ago, actually in 2012.

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It is not clear why the prime minister keeps on repeating something that is so obviously not correct. Glitnir has challenged him more than once on this. Now Kaupthing has done the same. It remains to be seen if the prime minister will stick to his version.

The Kaupthing statement is here: http://www.kaupthing.com/home/announcements/all-announcements/2014/05/19...

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The Landsbanki agreement: a first step towards orderly lifting capital controls or into turmoil?

2014-05-18 23

Last December, Landsbankinn announced it would need to extend its two bonds of December 2009 with maturity 2018. On May 8, Landsbankinn and the LBI, the estate of old Landsbanki, reached an agreement to extend the final maturity from 2018 to 2026. In return, creditors want a pay-out of fx cash funds with the LBI, only possible with an exemption from the Central Bank of Iceland, CBI, with the blessing of the minister of finance. – With a time clause in the new agreement there is now pressure on the government to find the holistic solution to the estates ...

The nature of the estates of the three biggest Icelandic banks, which all failed in October 2008, is not the same. This is also reflected in the ownership of the three new banks. On one hand there is Landsbanki, on the other Glitnir and Kaupthing.

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Capital controls and the on-going blame game on who is blocking their abolition

2014-01-30 (All day)

So far, there is no solution in sight in matters that need to be solved in order to abolish capital controls in Iceland. The government blames creditor of the estates of Glitnir and Kaupthing but unresolved dispute in Landsbanki matters as well though hardly ever mentioned. The government seems to play a waiting game, perhaps to make creditors more forthcoming. Ministers maintain the government cannot interfere in a process of private companies and yet they seem to be contemplating interfering via laws, which would directly expose the government to being sued by creditors. The creditors mostly remain silent but might have more cards up their sleeves than the government seems to believe.

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Two big market manipulation cases coming up in Iceland

Posted 20/03/2013 - 10:59 by Tricky Dicky

2013-03-18 23

The Office of Special Prosecutor in Iceland has brought charges in two large market manipulation cases – one against Kaupthing managers, another against Landsbanki managers. Those charged re Kaupthing are, according to Icelandic media, are Kaupthing’s chairman Sigurdur Einarsson, CEO Hreidar Mar Sigurdsson, Ingolfur Helgason director of Kaupthing Iceland, Magnus Gudmundsson director of Kaupthing Luxembourg, Bjarki Diego head of lending, three so far unnamed employees in prop trading and one in retail banking.

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