Searches at offices of 2 Iceland companies
REYKJAVIK, Iceland — The offices of two companies were searched Tuesday in a criminal investigation related to the collapse of the nation’s banking system, Iceland’s Special Prosecutor said.
The Special Prosecutor’s office said investigators searched nine locations, including seven houses, associated with the investment firms Milestone and Sjova. Milestone gained a controlling interest in Sjova in 2005.
“The investigation focuses on a suspicion of alleged breaches of corporate law, laws on insurance companies and in some cases the penal code …,” the prosecutor said in a brief statement which gave no details of any suspected wrongdoing.
“This involves great sums of money and the investigation touches on a great number of people and many incidents,” statement added.
National broadcaster RUV said searches were made at the homes of Karl Wernersson and Steingrimur Wernersson, the brothers who formerly owned Milestone, and the home of Thor Sigfusson, former chief executive of Sjova. The Special Prosecutor’s office did not confirm that report.
“All of my actions can stand broad daylight,” Sigfusson was quoted as saying on Visir, a news Web site. Sigfusson said he was unaware of any illegal activity.
Special Prosecutor Olafur Hauksson, who took office on Feb. 1, has been charged with investigating suspected crimes related to the collapse of Icelandic banks last year.
Milestone grew out of a pharmaceutical business which leveraged its rising share price to acquire a two-thirds stake in Sjova in 2005, and full control a year later.
Milestone also became the largest shareholder in Glitnir bank in January 2006, with a 21.6 percent stake, but subsequently reduced its holdings.
Glitnir bank, Iceland’s third largest bank, went into receivership on Oct. 8 as the bubble burst in the nation’s bloated banking sector.
Sjova had been sold to Milestone’s Swedish subsidiary, Moderna Finance AB, in 2008. Sjova has since been returned to the ownership of the parent company, which disposed of its Swedish assets.
Sjova has undergone reorganization as a new company with its investment business separated from insurance.
“Sjova’s insurance business is sound and well run. Following the restructuring, the company’s balance sheet will be strong and the insurance operations solid,” the Glitnir Resolution Committee said in a statement on May 27.
On the Net:
Special prosecutor, www.serstakursaksoknari.is
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