SFO swoops on nine Kaupthing collapse suspects

Security organisations across two countries hunting those responsible for the collapse of Icelandic bank Kaupthing arrested nine suspects in dawn raids this morning.

The Serious Fraud Office (SFO) together with the City of London Police, Essex Police and Icelandic investigators mounted extensive search and arrest operations in London and Reykjavik.

In London seven men were arrested after two business properties and eight residential addresses were searched,

The men aged from 42 to 54 years were taken to police stations in Central London for interview.

As many as 135 police officers and SFO Investigators were involved in the operation.

In Reykjavik, Iceland, two residential properties were searched and two males aged 42 and 43 and were arrested and interviewed.

This operation was undertaken at the request of the SFO and is being effected by the Special Prosecutor's Office, with SFO investigators in attendance.

Today's operations relate to the SFO's ongoing investigation into the circumstances surrounding the collapse of the Kaupthing banking Group in October 2008.