| Violated the currency restriction legislation |
| Thursday, 09 April 2009 08:00 |
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Three former employees of Askar Capital are suspected of violating the law and work ethics of the bank. The bank has sent out an announcement about this manner to the financial supervisory administration. According to the announcement are the violations regarding operations on the employees behalf without the knowledge of the bank and are related to financial transfers for third party individuals during the time between December 2008 and March 2009. The sources of Morgunbladid say that the three employees were in fact transferring funds from abroad and from Iceland without the consideration of the currency restriction legislation which is in effect in Iceland. The transfers were for tens of million krona. For some parts they were trading for former clients of Askar Capital but inside own companies. At the same time are the alleged violations of the men was the owner of Askar Capital, Milestone, in reorganizing process by the liquidating committee of Glitnir. Around mid March was finalized that all of the Icelandic assets of Milestone would be set under Sjova, which was one of the main properties of the company. Sjova will probably be sold in the near future but it is not likely that the assets of Askar are to be included in that sale.
News Article by noname Translated by Anya Original Article in Icelandic
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