Sunday, September 20, 2009

Pension fund board members prosecuted in Iceland

Two board members of one of the biggest unions in Iceland , VR, are prosecuting two board
member of pension fund of VR.
THe are prosecuting to the Financial Supervisory authoraty in Iceland.
They claim that the two board members of the pension,have invested illeagally through Kaupthing bank and Exista,wich is the main owner of Kaupthing Bank.
The board members of the pension had family ties to the bank and Exista.
Wife of one of the board members was working at kaupthing bank,and a wife of the other also work at kaupthing Bank and his daughter at Exista.
The pension fund is belived to have lost 30 billion kronas at Kaupthing and Exista.

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