Good friends at Kaupthing

Fifty-three percent of Kaupthing’s loans were granted to ten individuals/businesses. Nine of those ten were registered in the UK, one in Luxembourg. 

In the months leading to the crash, Kaupthing lent 478 billion ISK to its owners, Agust and Lydur Gudmundson of Exista, Olafur Olafsson and Robert Tchenguiz or companies owned by them through Luxembourg or the UK. 

To put that number into perspective, it is around the same amount as the total loans at the Icelandic Home Loan Fund.

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1 Response to “Good friends at Kaupthing”


  1. 1 Alex March 11, 2009 at 1:18 pm

    …and 40% was lent to the senior management and the remaing 7% to ordinari citizens of Iceland….


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