Kaupthing and the ghost of Al Thani

This page has reported on the dealings of Kaupthing and Sheik Al Thani before.

In the ill fated loan book leaked to Wikileaks the other day, there does not seem to be anything to indicate this deal was real. The deal is under investigation by the Special prosecutor as reported here. The leaked document was done three days after the formal announcement sent to the Icelandic Stock Exchange about the Al Thani deal.  The deal was for 25 billion ISK and made Al Thani the third largest shareholder in Kaupthing.

Channel two news reported that on September 22nd 2008 the company Q Iceland Finance ehf, a daughter company of Q Iceland Holding efh that belonged to Sheik Al Thani bought shares for 25 billion. Then he got a loan from Kaupthing for 12,5 billion ISK with no collateral other than the Kaupthing shares themselves.

Smells like fraud to me.

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