Guardian 13 Mar 12: Karen Millen questioned in connection with Kaupthing inquiries

Fashion designer Karen Millen is among about a dozen UK-based entrepreneurs and investment bankers questioned by criminal prosecutors from Reykjavik during a week-long visit to London, in connection with several inquiries into alleged market manipulation at the failed Icelandic bank Kaupthing.

In common with all those questioned, Millen is not believed to be a suspect but may have become unwittingly involved in trades in which market manipulation was allegedly orchestrated by top bosses at the bank. Bank managers deny wrongdoing.

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At the heart of the investigation are offshore investment vehicles stuffed with loans from Kaupthing that were nominally controlled by a handful of Kaupthing's largest clients, including Millen and Stanford. Investigators are looking at whether these vehicles were in fact used by Kaupthing executives to manipulate the price of CDSs and give a false impression of market confidence in the bank.

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