Iceland’s Kaupthing to sue British government

un_kaupthing_banner_01Kaupthing Bank has now confirmed that it will pursue a legal challenge against the British government for forcing its UK subsidiary Kaupthing Singer & Friedlander into administration.

The bank has been considering its options in regard to legal action for some time and employed British lawyers earlier in the winter. The bank argues that the forced administration of its UK arm effectively served to collapse the entire bank, which would not have happened otherwise were it not for the actions of the British government.

Kaupthing confirmed that it has the full support of the Icelandic government in pursuing its case. The Icelandic government may also offer its support to Landsbanki, should that bank choose to take action against the British government for having used anti terrorism legislation against it.

Prime Minister Geir Haarde and Foreign Minister Ingibjorg Solrun Gisladottir met with representatives of Kaupthing’s investigating committee today and have already had a similar meeting with Landsbanki, reports.

Prime Minister Haarde said it is unlikely that the Icelandic government will legally challenge the British government directly, but that a solution through the International Court in The Hague will at least be considered by the cabinet.

Four British legal companies have been preparing the Kaupthing case, but probably only one will take the case to the British courts. The deadline runs out at 16.00 on Wednesday. A statement from the Prime Minister’s office says that Landsbanki is working to a different deadline.

The Icelandic cabinet will discuss the matter in detail tomorrow.

More details on IceNews as they become available.

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