SFO launches probe into Icelandic bank collapse

The Serious Fraud Office has launched a criminal investigation into the failed Icelandic bank Kaupthing to determine if the collapse was the result of incompetence or some fraud.

Kaupthing collapsed in October 2008, leaving around 300,000 account-holders unable to access their hard-earned money.

The SFO will examine whether the bank misled people to encourage deposits. It will also probe why huge sums of money were withdrawn before its collapse.

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