Kaupthing administrators block yacht sales

26 April 2009 • Written by Malcolm MacLean

Sunday’s April 26th online edition of the  Guardian carried the news that yachts worth up to £90 million could be left unfinished after administrators to the British arm of failed Icelandic bank Kaupthing ‘pulled the plug’ on further payments.

The private banking arm of Kaupthing Singer & Friedlander had lent more than £200 million to customers to buy yachts by the time administrators from Ernst & Young were appointed in October 2008.

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