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Icelandic government takes control of Kaupthing

Icelandic bank Kaupthing, which is connected to a raft of UK high street retailers, has been taken over by the Icelandic government.

Kaupthing Singer & Friedlander, the UK arm of Icelandic bank Kaupthing, went into administration yesterday.

The UK government took control of the company and acting on recommendations from the Financial Services Authority, the Treasury put the group into administration, as Kaupthing bank tried to sell global assets to stay in business.

Property tycoon Robert Tchenguiz is understood to have put his 10% stake in Sainsbury's up for sale, following the Icelandic banking crisis, according to reports. His lender Kaupthing, now under the control of the Icelandic government, has put his stake up for sale.

Shares in JJB Sports, which has Icelandic backers, dropped significantly yesterday.

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