Tchenguiz brothers arrested in Kaupthing investigation
Nine people, including property tycoons Robert and Vincent Tchenguiz, were arrested on Wednesday over the collapse of the Icelandic bank Kaupthing. More than 130 police swooped on two business properties and eight residential addresses in a series of dawn raids, arresting seven men aged between 42 to 54. They are now being interviewed at police stations in central London. Two further arrests were made in Reykjavik. It is understood that Armann Thorvaldsson, the head of the UK arm of Kaupthing, and former executive chairman and chief executive Sigurdur Einarsson have also been arrested along with the Tchenguiz brothers - who are two of Britain's most high-profile property entrepreneurs. Sigurdur Einarsson was last year named as a wanted man by Interpol. Two years ago Armann Thorvaldsson published a book, called Frozen Assets, billed as: "How one man, one bank and one country experienced and affected the course of world economic history." The Serious Fraud Office has been investigating the collapse of Kaupthing since last year, amid allegation market manipulation in the run-up to the financial crisis.