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Context of 'October 6, 2008: Trading in Major Icelandic Shares Suspended'

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Mohammed bin Khalifa al-Thani, a member of the royal family of Qatar, pays $280.4 million for a 5% stake in the Icelandic Kaupthing Bank (see February 22, 2008). The bank’s shares have been falling on Iceland’s stock exchange, down 57% in the last twelve months, and the bank has been buying them back itself in an attempt to boost its stock price. The purchase makes al-Thani the third largest shareholder in the bank. (Laurent 9/22/2008) Seventeen days later, the bank will be on the verge of collapse and will be seized by the government of Iceland. (Young 10/9/2008)

Trading in Iceland’s six biggest financial shares is suspended on the OMX Nordic Exchange Iceland. (BBC 2/2/2009)


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