Ex Kaupthing CEO fights back

Ex Kaupthing CEO Sigurdur Einarsson is furious that confidential information about loans from the bank to companies and indviduals have leaked out. Einarsson claims in a letter sent to the new director of The Icelandic Financial Supervisory Authority (FME) that this leak is a massive violation of the bank secrecy of old Kaupthing bank, and could damage the reputation of individuals and firms involved. Those particular loans are estimated to 500 billion isk. Among the individuals who got part of this money is Robert Tchenguiz, the UK business man, and Olafur Olafsson (one of the owners of the bank) and owners of Exista company.

Mr Einarsson ask the FME how they will react to his leak, and claims that the main issue at hand, and one of the fundamental issues in order to run a banking system in Iceland is bank-client privacy.

Criticism on this letter and Mr. Einarssons outburst is that by admitting those information are secret, therefor they are true since he is agreeing to them. Most of those loans did not have any collateral behind them, and they are suspected to bee illegal.

The general discussion about this outburst is said to be a “laughable” attempt by Mr. Einarsson. He is said to be more worried that this was leaked insted of the legality of the loans or its concequnces for the Icelandic taxpayer who ultimatly has to pay for his “generosity”. People ask about his morality.


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