Yet another day of Iceland banking arrests

Ingolfur Helgason, the former Director of Kaupthing Iceland, and Steingrimur Karason, former CEO of the bank’s risk management department, were both arrested today upon arriving back in Iceland. They went straight to interrogation with the Special Prosecutor and are being held in police cells.

Helgason and Karason were both very near the top of the Kaupthing chain-of-command and worked closely with former Director, Hreidar Mar Sigurdsson and Sigurdur Einarsson, the former Chairman of the Board. It is not yet known whether the Special Prosecutor will allow the pair to be released, or if he will request that the Reykjavik District Court remand them in custody, as happened with Sigurdsson and Magnus Gudmundsson (former CEO of Kaupthing Luxembourg), Visir.is reports.

Hreidar Mar Sigurdsson and Magnus Gudmundsson were arrested last Friday and remain in the Litla Hraun prison; but Sigurdur Einarsson has not obeyed the Special Prosecutor’s summons to return to Iceland for interrogation this Friday – despite a promise that he would not be arrested upon arrival. He has, however, invited the Special Prosecutor, Olafur Thor Hauksson to fly out and interrogate him in the UK.