Kaupþing Luxembourg and Ólafur Ólafsson

Ólafur Ólafsson kept most if his money in Kaupthing Luxembourg, and according too various media outlets, managed to transfer most of it just days before the whole system in Iceland collapsed. He did this by buying up Icelandic government insured bonds.

Kaupþing Luxembourg was used to buy bonds on behalf of Ólafur Ólafsson for 40 million ISK. Ólafur was not the only one who stockpiled the government insured bonds, as they were bought in massive quantities just days before the collapse. Ólafur bought his bonds four days after the government announced that Glitnir would be nationalised.

More than this Ólafur Ólafsson emptied two of his accounts from Kaupthing the same month. He was one of the biggest owners of the bank, had over 10% via his company called Kjalar

Most of the buyers of the bonds mentioned above were people who owned money in Kaupthing Luxembourg.

This is just a part of the whole mess. Ólafur is most likely going to jail for massive fraud and other charges that will be formally known at a later date. He has been named from day one as one of the main culprits. The owners of Kaupthing are major players in this whole criminal scam called the Icelandic Ponzi scheme. Enter Kaupthing into the search bar on this site and read the results.

Kaupthing Luxembourg has been instrumental in the offshore adventure for over 9 years at least. Most of the people involved used Luxembourg as a first base, for distributing money into personal accounts in all the tax havens mentioned on this site before. Perhaps there  have even been money laundering for themselves as well as the Russian mafia. Luxembourg is known as a money shelter, and when the banks crashed here, there where immediate attempts made to buy Kaupthing Luxembourg by various sources. Among them Ólafur Ólafsson and his Libyan friends.

It is generally believed that most the the key information in the whole saga about financial fraud is kept there, but sadly it is not available to the Icelandic government who are trying to bring those men to justice. Bank secrecy they say.

Now the bank has been bought by Banque Havilland. Will anything change in Luxembourg, since the new owners say that they are getting experienced managers, a well developed business model and experienced staff. Experience in what?


About this entry