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Icelandic boss bought home for £10.5m
Danny Brierley15 Oct 2008
THE boss of an Icelandic bank bought a home in west London for £10.5million just months before his bank collapsed, it was claimed today.
Kaupthing chairman Sigurder Einarsson was said to have paid over £2.5million above the market value for the four-bedroom house in a deal financed by his bank.
The revelation comes ahead of meetings between council representatives and ministers to see what help can be given to local authorities hit by the Icelandic banking crisis which has put the savings of thousands of Britons at risk.
Some 116 councils and other public bodies have about £1billion invested in failed Icelandic banks. Last week Kaupthing's assets were frozen and investors' stakes wiped out when it went into receivership.
Reader views (14)
Purchased from a very good friend no doubt ???
Think a little more digging required
- Simon Latham, Bournemouth, 10/11/2008 10:48
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"Amber" is quite correct in asking how he came to be allowed to buy here. Iceland is not an EEC member.
- David Chown, bordeaux france, 16/10/2008 07:38
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squatters rights anyone
- Frank, stoke-on-trent england, 16/10/2008 02:40
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Pull the ladder up!
- Olly, Santander, Spain, 15/10/2008 23:04
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That house looks like a load of codswallop.
- Hilary, London, 15/10/2008 19:53
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I'm alright Jack.
- Tony, Toronto, Canada, 15/10/2008 17:15
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No wonder the bank went bust if he was willing to pay so much over the odds for a house, and a relatively ugly one at that. Clearly has no idea how to bargain ..
- Louise, Essex, 15/10/2008 17:02
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Can you simply arrive from Iceland and stay. Surely you must need some sort of of Via, permit or permission from our Government to live here. How come people from other countries have to apply and we let this scumbag stay here?
Send him back to Iceland and sell his house and let some of the people/charities/councils have at least some of their cash back.
amber in Mitcham
- Amber In Mitcham, Mitcham Surrey, 15/10/2008 15:52
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Go round there and ransack the house, lock, stock and barrel.
- P I Staker, London, 15/10/2008 15:06
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I am having a moving in party on Saturday - all welcome. Bring a bottle.
- Siggy Einarsson, West London, 15/10/2008 15:03
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And estate agents are seriously trying to tell us that the London market isn't over valued?
- Iain, Covent Garden, 15/10/2008 14:43
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Reposess the house and give the proceeds back to the victims of his bank's neglectful demise.
- We, Kent, UK, 15/10/2008 14:03
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You couldn't make it up. £2.5m over market value and financed by his bank ? In other words with money provided by UK depositors that they now cannot retrieve. So seize this house and sell it and return the money. But wait, its not worth nearly so much now is it ? I would call that fraud.
- Peter Haldane, London, 15/10/2008 12:17
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Let's find that house and turn it over to squatters. We have been robbed and looted by these people - let us take back what is rightfully ours and let the entire system implode in on itself.
- Neil, london uk, Airstrip ONE ., 15/10/2008 11:08
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