Bungled Excel Sheet Hurts Profits From Islandsbanki Sale
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An incorrectly formatted spreadsheet caused Iceland to price the sale of its Islandsbanki stake too cheaply earlier this year, an investigation by the National Audit Office has found.
The sale of a 22.5% stake in the bank in March sparked a public outcry and led to the government pulling the brakes on further divestments, as well as a decision to unwind Icelandic State Financial Investments, which manages the state’s holdings in banks and managed the sale.