‘Eik’ tax case still under investigation

A team of four investigators are looking into the tax deduction case against Betri Banki (formerly Eik Banki).

The team is looking at whether there is any basis for criminal proceedings against the bank.

On 21 September last year, the Faroese tax authority reported Eik Banki to the police after an investigation pointed toirregularities in connection with the bank’s 2011 tax return.

The investigation team is tasked with advising the head of the police on whether or not the bank was entitled to its tax deduction.

If it turns out that the bank was not entitled to the deduction, a decision will be made on whether this was due to negligence, gross negligence or whether the bank wilfully tried to claim the tax deduction.

John Kølbæk, the head of the police, says that since the four members of the investigation team are also involved with other tasks it is difficult to say when the investigation work will be completed.