Iceland jails former Kaupthing bank bosses By Kolbeinn Tumi Daðason 12. febrúar 2015 16:15 From the left: Sigurdur Einarsson, former chairman of the board, Hreidar Mar Sigurdsson, the former chief executive, Magnus Gudmundsson, the former chief executive of the Luxembourg branch and Olafur Olafsson, one of the majority owners. Vísir Four former bosses from the Icelandic bank Kaupthing have been sentenced to between four and five and a half years in prison. The Supreme Court of Iceland came to this conclusion today. The four were sentenced to between three and five and a half years in prison in Reykjavik's district court. The verdict was appealed to the Supreme Court. They are the former chief executive, the chairman of the board, one of the majority owners in addition to the chief executive of the Luxembourg branch. The foursome was accused of hiding the fact that a Qatari investor, Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani, bought a stake in the firm. Al-Thani had bought the stakes with money illegally loned by Kaupthing. Al-Thani's purchase, a 5,1% share in the bank, was announced only a few weeks before the collapse. The investor's purchase was seen as a confidence boost for the bank while rumors circulated about the bank having troubles. The Supreme court confirmed the five and a half year verdict Hreidar Mar Sigurdsson, the former chief executive, received in the district court. Sigurdur Einarsson, former chairman of the board, was sentenced to four years in jail. The Supreme Court gave Olafur Olafsson, one of the majority owners four and a half years and Magnus Gudmundsson, the former chief executive of the Luxembourg branch, four and a half years. They received a three and a half year and three year sentence respectively in the district court. These are the heaviest sentences for financial fraud in Iceland's history. The four will have to pay their own legal costs for the case which amount to 82 million kronur or approximately 670 thousand US dollars. Sigurdsson and Einarsson are facing another and bigger case against Kaupthing in which it is accused of market manipulation. It is due to court on April 21st and is expected to take four weeks. In all nine former employers of the Kaupthing bank are facing prison time if convicted. News in English Tengdar fréttir Video: Motorists fined 2800 euros when returning rented car used in off-road driving Vehicle manager Rúnar Ólafsson (right) for 4x4 Iceland Car Rental was not pleased with the damaged incurred by the off-road driving. 9. september 2014 09:26 Flips car in parking garage A video from the security camera from the parking garage under Höfðatorg has been published online, where the driver of the car can be seen trying to reverse at full speed into the gate of the parking garage. 22. október 2014 17:13 Video: Firework mad Icelanders at it once again Icelanders celebrated the new year in style with fireworks lighting up the sky all around the country. 1. janúar 2015 21:37 Fisherman finds message in a bottle he wrote 19 years ago Here we can see the message. 6. október 2014 15:23 Jón Gnarr - sacked over a mohawk and walked home crying "When I returned to work the store manager said I couldn't be in the meat table because of how my hair looked," Jón explains. 8. desember 2014 20:30 Mest lesið Ekki allir sammála um magn jólaskreytinga eða litaval Innlent Hægri hönd Selenskís kynnist Trump-liðum Erlent Háskólafólk mótmælir gjaldtöku á nemendur utan EES Innlent Launmorð á götum New York Erlent Konfektið í hæstu hæðum Innlent Þessi voru oftast strikuð út í Reykjavík Innlent Bankarnir of bráðir í vaxtahækkunum Innlent Auðjöfur og einkageimfari mun stýra NASA Erlent Plötusnúður fagnar sigri gegn Reyni Traustasyni Innlent Rútuslys austan við Hala í Suðursveit Innlent
Four former bosses from the Icelandic bank Kaupthing have been sentenced to between four and five and a half years in prison. The Supreme Court of Iceland came to this conclusion today. The four were sentenced to between three and five and a half years in prison in Reykjavik's district court. The verdict was appealed to the Supreme Court. They are the former chief executive, the chairman of the board, one of the majority owners in addition to the chief executive of the Luxembourg branch. The foursome was accused of hiding the fact that a Qatari investor, Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani, bought a stake in the firm. Al-Thani had bought the stakes with money illegally loned by Kaupthing. Al-Thani's purchase, a 5,1% share in the bank, was announced only a few weeks before the collapse. The investor's purchase was seen as a confidence boost for the bank while rumors circulated about the bank having troubles. The Supreme court confirmed the five and a half year verdict Hreidar Mar Sigurdsson, the former chief executive, received in the district court. Sigurdur Einarsson, former chairman of the board, was sentenced to four years in jail. The Supreme Court gave Olafur Olafsson, one of the majority owners four and a half years and Magnus Gudmundsson, the former chief executive of the Luxembourg branch, four and a half years. They received a three and a half year and three year sentence respectively in the district court. These are the heaviest sentences for financial fraud in Iceland's history. The four will have to pay their own legal costs for the case which amount to 82 million kronur or approximately 670 thousand US dollars. Sigurdsson and Einarsson are facing another and bigger case against Kaupthing in which it is accused of market manipulation. It is due to court on April 21st and is expected to take four weeks. In all nine former employers of the Kaupthing bank are facing prison time if convicted.
News in English Tengdar fréttir Video: Motorists fined 2800 euros when returning rented car used in off-road driving Vehicle manager Rúnar Ólafsson (right) for 4x4 Iceland Car Rental was not pleased with the damaged incurred by the off-road driving. 9. september 2014 09:26 Flips car in parking garage A video from the security camera from the parking garage under Höfðatorg has been published online, where the driver of the car can be seen trying to reverse at full speed into the gate of the parking garage. 22. október 2014 17:13 Video: Firework mad Icelanders at it once again Icelanders celebrated the new year in style with fireworks lighting up the sky all around the country. 1. janúar 2015 21:37 Fisherman finds message in a bottle he wrote 19 years ago Here we can see the message. 6. október 2014 15:23 Jón Gnarr - sacked over a mohawk and walked home crying "When I returned to work the store manager said I couldn't be in the meat table because of how my hair looked," Jón explains. 8. desember 2014 20:30 Mest lesið Ekki allir sammála um magn jólaskreytinga eða litaval Innlent Hægri hönd Selenskís kynnist Trump-liðum Erlent Háskólafólk mótmælir gjaldtöku á nemendur utan EES Innlent Launmorð á götum New York Erlent Konfektið í hæstu hæðum Innlent Þessi voru oftast strikuð út í Reykjavík Innlent Bankarnir of bráðir í vaxtahækkunum Innlent Auðjöfur og einkageimfari mun stýra NASA Erlent Plötusnúður fagnar sigri gegn Reyni Traustasyni Innlent Rútuslys austan við Hala í Suðursveit Innlent
Video: Motorists fined 2800 euros when returning rented car used in off-road driving Vehicle manager Rúnar Ólafsson (right) for 4x4 Iceland Car Rental was not pleased with the damaged incurred by the off-road driving. 9. september 2014 09:26
Flips car in parking garage A video from the security camera from the parking garage under Höfðatorg has been published online, where the driver of the car can be seen trying to reverse at full speed into the gate of the parking garage. 22. október 2014 17:13
Video: Firework mad Icelanders at it once again Icelanders celebrated the new year in style with fireworks lighting up the sky all around the country. 1. janúar 2015 21:37
Fisherman finds message in a bottle he wrote 19 years ago Here we can see the message. 6. október 2014 15:23
Jón Gnarr - sacked over a mohawk and walked home crying "When I returned to work the store manager said I couldn't be in the meat table because of how my hair looked," Jón explains. 8. desember 2014 20:30