Rowland's bank raided by SFO
Wednesday 30 March 2011
The Serious Fraud Office (SFO) yesterday expanded its investigation into the failed Icelandic bank Kaupthing by raiding five addresses in Luxembourg, including the business premises of David Rowland, the former Conservative Party treasurer.
More than 70 investigators from the SFO, Luxembourg police and the Icelandic Special Prosecutor raided three business addresses and two residential properties.
The business premises included Banque Havilland, Kaupthing's former Luxembourg subsidiary, which Mr Rowland bought from administrators in September 2009.
Mr Rowland's son Jonathan, who is chief executive of Havilland, said the investigators were looking into events before his father bought the bank.
In a statement, Jonathan Rowland said: "On Tuesday 29 March 2011, the Luxembourg police, the Luxembourg Special Prosecutor, the Serious Fraud Office from the United Kingdom and the Icelandic Special Prosecutor visited the offices of Banque Havilland. The reason for the visit is not related to the activity of Banque Havilland SA and concerns the former Kaupthing Bank and the ongoing investigations.
"We cannot provide further details other than to state that we are fully co-operating with the authorities."
The swoops in Luxembourg followed SFO raids earlier this month on properties in London and the Icelandic capital, Reykjavik, in connection with its criminal investigation into Kaupthing's collapse. The British tycoons Robert and Vincent Tchenguiz were arrested in the earlier raids but have not been charged and have denied wrongdoing.
The Luxembourg subsidiary featured heavily in the Icelandic government's report into the failure of Kaupthing, as well as other Icelandic banks.
The SFO is investigating the loss of several billions of pounds deposited by UK savers, charities and local councils in Kaupthing before it collapsed.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...