Iceland Review Online
April 13, 2010

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The majority owners of the three largest Icelandic banks, Kaupthing, Landsbanki and Glitnir, and of the investment bank Straumur-Burdarás, were also their largest debtors, as the Special Investigative Commission’s crisis report, which was made public yesterday, has revealed.

According to, the following statements can be found in the report.

“At Glitnir Bank the largest loan recipients were Baugur Group and companies related to Baugur. The increase in Glitnir’s granting of loans to this group after mid-2007 is especially noteworthy.”

“A change in executives had then occurred, with parties connected to Baugur and FL Group significantly increasing their shares in the bank.” In April 2007, Lárus Welding took over as CEO of Glitnir from Bjarni Ármannsson.

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