Two US accounting firms raided by Icelandic police

[Nikki Stone1]

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6252501/KPMG-and-PwC-Reykjavik-offices-are-raided-by-Icelandic-police.html

KPMG and PwC Reykjavik offices are raided by Icelandic police

Police have raided the offices of KPMG and PricewaterhouseCoopers (PwC) in Reykjavik, seizing documents and computer data as part of an investigation into alleged criminal activity at three collapsed Icelandic banks.


By Rowena Mason
Published: 9:30PM BST 01 Oct 2009

The targets of the raids were the firms' banking clients Kaupthing, Glitnir and Landsbanki, but the move is nevertheless likely to cause embarrassment for the two companies, both among the "big four" accountancy names in the world.
The Reykjavik branches of KPMG and PwC are owned by its partners, common with most accountancy practices, but are also part of the multinational network of firms.

The office of Olafur Thor Hauksson, the Icelandic investigator charged with examining the collapse of
the three banks a year ago, confirmed that 22 policemen and six foreign accountants took part in the searches yesterday.
"The purpose of the searches was to look for and secure evidence related to the investigation of several charges which have been investigated by the office," a statement said.

Among the matters being investigated are "violation of laws on accounting and annual reports, violation of laws on financial institutions and securities transactions and violations of laws on public limited companies".
PwC Iceland could not be reached for comment.

Sigurdur Jonsson, the chief executive of KPMG Iceland, told The Daily Telegraph that the raids related to some of his clients and that none of his staff had been questioned. He refused to comment further on the investigation.

Mr Jonsson has already become embroiled in controversy after it emerged that KPMG Iceland had been responsible for investigating events leading up to the collapse of Glitnir, despite the fact that his son was chief executive of the bank's largest shareholder. KPMG later resigned from the case.

The UK Serious Fraud Office (SFO) agreed last month to send a team of investigators to Iceland to help "get to the bottom" of whether there were any criminal intentions in the country's collapsed banks, which had extensive links with London.
The Icelandic banks, which had large customer bases in the UK, failed last October, leaving 300,000 British savers unable to access their money and institutions nursing billions in losses. Following the crisis, the Treasury had to pay out £7.5bn to compensate UK savers, although £2.3bn of this will be repaid by Iceland over the next 15 years.

Allegations of fraud, embezzlement and market manipulation have been under investigation in Iceland since February. The SFO has separately been gathering intelligence on the Icelandic banking sector and its UK operations both involving investors and borrowers, which intensified after the leak of Kaupthing's loan book on to the internet last month.

[rawtribe]

1. Good.

[Nikki Stone1]

2. What does that picture mean?

Thanks.

[Hawkeye-X]

3. helvitis = hell

[rawtribe]

4. Helvitis Fokking Fokk

literally means Hell Fucking Fuck and was a slogan on a notorious sign used in demonstrations in Iceland after the economic implosion.

http://www.youtube.com/watch?v=Ik66THWLlM4

[Quasimodem]

5. Actually, I would have thought that the fellow's expression made the fokking sign redundant. n/t

[Nikki Stone1]

6. Ah thank you.

I can understanding those signs.