KPMG and PwC Offices Raided in Iceland

[Camtender]

http://business.timesonline.co.uk/to...cle6858636.ece#

The offices of PricewaterhouseCoopers and KPMG, two of the world’s biggest accounting firms, were raided in Reykjavic yesterday in connection with an inquiry into alleged fraud at several failed Icelandic banks.
The Icelandic special prosecutor leading the probe said that investigators had seized documents and accounting data relating to some of the firms’ clients.
Olafur Hauksson, the special prosecutor, said the investigators sought evidence relating to “violation of laws on accounting and annual reports, violation of laws on financial institutions and securities transactions and ... violations of laws on public limited companies."
PwC said it was cooperating with the investigation and that neither the firm or its staff were under investigation.
Twenty-two investigators and six foreign forensic accountants took part in the search.
Iceland’s banking sector has been under scrutiny by authorities there and in the UK after its leading banks – Glitnir, Kaupthing and Landsbanki – collapsed spectacularly last year, forcing the Icelandic government to bail them out. The country’s economy was plunged into crisis.
Britain’s Serious Fraud Office has sent its own officials to Iceland in recent months to investigate allegations of criminal activity by the banks, which had substantial UK operations

[Slimprofits]

Re: KPMG and PwC Offices Raided in Iceland

As far as we can tell no one even close to public office in the U.S. talks or acts the way Joly does.


Joly satisfied with Iceland investigation – but not overjoyed
By Alex on Oct 3, 2009

http://www.icenews.is/index.php/2009...yed/#more-9641

Eva Joly, special adviser to Iceland’s banking collapse investigation says she is pleased with the way the investigation into origins of the economic crisis is progressing and that the first prosecutions could come before the end of this year. She also feels, however, that more staff are still needed to work on the investigation. A delegation from Britain’s Serious Fraud Office will arrive in Iceland later this month to take part in the investigation.

Joly returned to Iceland earlier this week, partly because of raids that took place on Thursday at two accounting firms, KPMG and Price Waterhouse Coopers. Six foreign specialist investigators took part in the searches.

Three of the six outside investigators will remain in Iceland for the next six weeks to examine the papers and files taken on Thursday concerning the three banks Glitnir, Kaupthing and Landsbanki, RUV reports.

Joly is generally satisfied with the progress of the Special Investigator, Olafur Thor Hauksson and his team – and she welcomed the hiring of three additional long-term financial investigators. She told RUV that five extra support staff are needed to help the investigation, followed by another five to support each extra investigator when they begin work.

In addition to the foreign experts already in Iceland, Joly says important links have been established with INTERPOL and financial regulators in Luxembourg and that the Norwegian State Prosecutor has also offered help.

Joly met recently with representatives of the Serious Fraud Office and as a result, four SFO staff member are due in Iceland soon.

[Spartacus]

Re: KPMG and PwC Offices Raided in Iceland

http://business.timesonline.co.uk/to...cle6858636.ece
Britain’s Serious Fraud Office has sent its own officials to Iceland in recent months to investigate allegations of criminal activity by the banks, which had substantial UK operations

I dunno - based on that "Icelanders are a special breed ..." stuff I read, the Iceland division should be called the "comedy fraud office"