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Iceland PM divested bank assets shortly before 2008 bank rescue: Guardian

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Iceland PM divested bank assets shortly before 2008 bank rescue: Guardian

Iceland's prime minister, Bjarni Benediktsson, sold nearly all his remaining assets in a fund controlled by a big Icelandic bank hours before the government bailed out the financial sector in 2008, The Guardian reported Oct. 6, citing leaked documents.

Benediktsson, then an influential MP, sold several million krona worth of assets in Glitnir's investment fund shortly before the state rescue. Other members of his family also divested assets at the same time, the documents show.

They also reveal that Benediktsson communicated with senior Glitnir executives on Oct. 6, 2008, although the Guardian said it has seen no evidence that he broke any laws. Benediktsson denies wrongdoing.

Benediktsson called a snap parliamentary election, set for Oct. 28, after the ruling government coalition led by his Independence Party collapsed with the withdrawal of another group.

Glitnir, Landsbanki and Kaupthing banks collapsed in the 2008 financial crisis.