Iceland Govt instructs Lovells in wake of financial meltdown
Lovells has been bought in by the Icelandic Government to advise on any potential claims that it might make against the UK Treasury in the wake of the country's recent banking collapse. The mandate comes against the backdrop of a war of words between the UK and Icelandic Governments after three banks - Kaupthing, Landsbanki and Glitnir - were taken into the hands of the Icelandic authorities earlier this month.Iceland's foreign minister, Ingibjorg Solrun Gisladottir, slammed the UK Government's use of anti-terror laws to seize around £4bn worth of assets from Landsbanki, while Prime Minister Gordon Brown said that the behaviour of the Icelandic Government was "totally unacceptable" in the face of the scale of the country's economic crisis.
October 30, 2008 at 10:01 AM
2 minute read
Lovells has been bought in by the Icelandic Government to advise on any potential claims that it might make against the UK Treasury in the wake of the country's recent banking collapse.
The mandate comes against the backdrop of a war of words between the UK and Icelandic Governments after three banks – Kaupthing, Landsbanki and Glitnir – were taken into the hands of the Icelandic authorities earlier this month.
Iceland's foreign minister, Ingibjorg Solrun Gisladottir, slammed the UK Government's use of anti-terror laws to seize around £4bn worth of assets from Landsbanki, while Prime Minister Gordon Brown said that the behaviour of the Icelandic Government was "totally unacceptable" in the face of the scale of the country's economic crisis.
Corporate partner Richard Brown and insolvency and restructuring partner Joe Bannister are thought to be leading a large team for Lovells.
As Lovells spokesperson confirmed: "Lovells has provided advice to the Icelandic Government on English and international aspects of the ongoing financial turmoil in the country."
It is thought that the UK Treasury is continuing to seek advice from regular adviser Slaughter and May.
It is also understood that Kaupthing had already taken steps to appoint counsel, with London-based outfit Grundberg Mocatta Rakison providing advice.
A raft of British firms have won mandates as a result of Iceland's financial troubles, with Freshfields Bruckhaus Deringer, Denton Wilde Sapte, Allen & Overy and Slaughters all taking lead roles.
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