October 2, 2009

Police raid accountant offices in Iceland

Police raided two accounting offices in Reykjavik, Iceland, to find evidence of criminal action concerning bank collapses, a special investigator said.

The office of special investigator Olafur Thor Hauksson said 22 police officers and six accountants raided the PricewaterhouseCoopers and KPMG offices, seeking evidence connected to the failures of Kaupthing, Glitnir and Landsbanki, all of which collapsed in 2008 as the global financial crisis began to unfold.

The purpose of the searches was to look for and secure evidence related to the investigation of several charges, the investigator's office said in a statement.

Britain's Serious Fraud Office has been assisting in the investigation, The Daily Telegraph reported Friday.

The banks had significant client bases in Britain, including 300,000 depositors, many from the retail sector, the newspaper said.