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Was Icelandic Bank collapse a mass theft?

Iceland has arrested nine people in connection with a probe into why the banks collapsed. One director owed as much as $2.8 Billion to his own bank.

From Jewish Chronicle…

The Iranian Jewish property entrepreneurs Robert and Vincent Tchenguiz were among nine people arrested today in connection with the collapse of Icelandic banking giant Kaupthing.

Robert and Vincent Tchenguiz were arrested early this morning and are being questioned by police in central London.

Robert Tchenguiz was a director and key borrower of Kaupthing until it failed during Iceland’s financial collapse in 2008. He was thought to owe up to £1.72 billion when it collapsed.

Kaupthing last year became the subject of a Serious Fraud Office probe regarding alleged manipulation of the markets.

The brothers’ vast business portfolios, said to have been significantly reduced by the financial crisis, previously included holdings in Sainsbury’s, and stakes in restaurant and pub groups Slug & Lettuce and Mitchells & Butlers.

In 2009 Vincent Tchenguiz was accused of mismanaging his retirement homes firm the Consensus Business Group by overcharging pensioners for rent and services.