Deloitte’s role in Bakkovar sale under scrutiny

Deloitte in Iceland could face scrutiny over its advisory role on the sale of
a 39% stake in food manufacturer Bakkavor during the Icelandic banking crisis.

Lydur and Agust Gudmundsson bought the stake from their investment company
Exista a year ago and investigators are looking at whether the millionaire
brothers paid a fair price, according to the

Creditors of Bakkovar, which employs 5,000 people in the UK and is a major
supplier for many of the large supermarket chains, feel the price paid for the
stake was far too low.

Deloitte in Iceland said it had done nothing wrong and that no one had been
called in for questioning.

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