Kaupthing is suing the government over its handling of the stricken Icelandic
bank’s UK subsidiary in a legal action bankrolled by the Icelandic government,
The Times reported.
Lawyers for Kaupthing, formerly Iceland’s largest bank, will file a lawsuit
at the High Court in London today attacking the way in which Britain forced
Singer & Friedlander into administration on October 8 last year,
according to the newspaper.
The lawsuit, which has the ‘full support’ of the Icelandic authorities,
including financial backing, comes after weeks of threats from Reykjavik.
Iceland took control of Kaupthing on October 9, the day after Kaupthing
Singer & Friedlander was put into administration, and Reykjavik blames
Britain for the collapse of the group.
The action, prepared by Weil, Gotshal & Manges, an American law firm,
will take the form of a judicial review, which allows individuals or businesses
to challenge government decisions. Northern Rock shareholders are using the same
process to question the government over its nationalisation of the mortgage
Read the full story:
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team