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Business Daily: Iceland's special prosecutor speaks. 

11/11/2009

Iceland's special prosecutor speaks. 

BBC World Service - Business Daily, Iceland's special prosecutor speaks.

Iceland's special prosecutor says cases will be brought within a year.

Iceland's special prosecutor Olafur Thor Hauksson, who's investigating suspicions of fraud in the banking sector, says cases will be brought 'within a year.'

The story of Iceland's banks is not just about poor lending practices and a banking sector which had hugely outgrown the country's actual size. Many Icelanders feel there must have been something else behind the huge collapse. Earlier this year, the prime minister appointed a special prosecutor to investigate suspicions about the faking of loans and the ramping up of bank share prices. Olafur Thor Hauksson is the man; he was courted for the job when no one else applied for it. His background is as a small-town police chief with no experience of high finance. Asked when cases may come to court, he tells Business Daily 'within a year'.

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