Banque Havilland saga continues

Magnús Guðmundsson, the director of Banque Havilland and the former director of Kaupthing Luxembourg has been arrested by the Special prosecutor today. He has been taken to prison.

The reason according to the special prosecutors office are similar to those of Hreiðar Már who was arrested as well today. The Black Report so called, are the grounds for the arrest, even though the special prosecutor has been investigating those men from day one. The whole deal is about Al Thani, market manipulation and trying to find ways, and indeed finding those ways, to remove or diminish responsibility of the CEO’s who wanted to “play ball”.

Magnús has now been fired by Banque Havilland after and a strange silence from the bank. Magnús and Hreiðar Már have been taken and put in solitary confinement at Litla Hraun, Icelands main prison. It is believed that the overnight prison stay shook them up and they gave up the attitude and started talking. Use the search string on this page to search for related material.

Banque Havilland hired Magnús as this website has said before, to keep the Kaupthing system in place. The contacts, the goodwill and the shelf companies hidden in the vaults of Luxembourg laws, and the lines to off shore tax haven bank accounts. When ever those men need money, they filter it through Luxembourg, and use it to buy shares, companies and by doing so launder the money.

Money laundering, tax fraud and other dirty business is the only reason for those tax havens and nations like Luxembourg exploit that to the full, and all with the silent support of the rest of the world. To claim privacy or convenience  is no more than an excuse.

After the raids in Luxembourg in mid February things started to heat up for Banque Havilland and the ex Kaupthing employees. Why did the bank not react then and fire Magnús? The sensible guess is that this is the Icelandic way of running things. In short, do not admit anything, do not take responsibility and if caught with the hand in the cookie jar, simply deny you had your hand there. No matter if you are caught with you hand stuck there for all to see.

The only time Luxembourg has allowed criminal investigative raids on banks there is in connection to the Bernie Maddoff case. Banque Havilland did not react the the fact that those men are suspects in one of the biggest fraud cases in recent decades, on a global scale. The robbing of Iceland.

In this case the money transfers and lack of money transfers, fraud, document manipulation and the blatant market manipulation is official. Money laundering, fraud and similar activities come with the territory when running a money shelter like Luxembourg. But I doubt that seldom in the criminal side of the global financial world have things been so sloppy. Arrogance makes men sloppy.


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