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Iceland to sentence ninth banker found guilty of market manipulation

Posted 07/10/2016 - 10:53 by anrigaut

2016-10-06 23

Iceland has differed from the rest of Europe and the US by allowing bankers to be prosecuted as criminals

Iceland has found nine senior bankers guilty for crimes relating to the economic meltdown in 2008.

The Supreme Court in Reykjavik returned guilty verdicts for all nine defendants in the Kaupthing Bank market manipulation case, one of the biggest cases of its kind in Iceland's history.
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Iceland finds all guilty in banker market-abuse case

Posted 07/10/2016 - 10:41 by anrigaut

2016-10-05 23

Iceland’s Supreme Court has returned a guilty verdict for all nine defendants in the Kaupþing market manipulation case, the court trial for which began in April 2015.

Back in June last year, the Reykjavik District Court found seven of the nine defendants guilty, acquitting two.
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Iceland following the Panama exposé

Posted 04/04/2016 - 09:24 by anrigaut

2016-04-02 23

Together with leaders from Russia, Ukraine and a few other countries Iceland isn’t happy to compare itself with the story of prime minister Sigmundur Davíð Gunnlaugsson played a key role in tonight’s exposure of the Panama law firm Mossack Fonseca. Documents shown do not support his earlier version of his involvement with Wintris, the BVI linked to him and his wife.

In an interview on Rúv professor of history and a frequent commentator on the collapse and related matters Guðni Th. Johannesson said: “First and foremost I find it sad that men, who want to and claim they want to lead by good example, who say the grand plan is to believe in Iceland then decide that their money is better off elsewhere.” – His words are directed to the prime minister who repeatedly has talk of the necessity to believe in Iceland.

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During the boom years Iceland turned into possibly the most offshorised country in the world as I’ve pointed out earlier. Iceland has done remarkably well following the collapse in autumn 2008 but the economic revival will have its limits if its political class prefers to be compared to Russia and Ukraine.

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Acquittal of Icelandic bankers appealed

Posted 07/03/2016 - 20:15 by anrigaut

2016-03-07 (All day)

Iceland’s public prosecutor has lodged an appeal against the acquittal of three senior Icelandic bankers cleared of lending unauthorised money back in January.

In a case with has become known in Iceland as the ‘Chesterfield case’ – after the name of one of the companies receiving money from the now-defunct Kaupþing bank – three of the bank’s senior executives were cleared of breach of trust charges in a “shock” acquittal by Reykjavik District Court.
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“Shock” acquittal of Icelandic bankers

Posted 26/01/2016 - 13:01 by anrigaut

2016-01-26 (All day)

Three senior executives of Iceland’s now defunct Kaupþing bank accused of lending unauthorised money have been cleared of all charges by a Reykjavik court this morning.

Hreiðar Már Sigurðsson (former Director of the bank), Sigurður Einarsson (former board chairman) and Magnús Guðmundsson (former CEO of Kaupthing Luxembourg) were charged with breach of trust after lending over €500 million to two foreign companies in 2008 without authorisation from the bank’s lending committee.
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2 billion dollar personal bankruptcy of former Kaupþing boss is the largest in Iceland’s history

Posted 08/01/2016 - 19:27 by anrigaut

2016-01-07 (All day)

The liquidation of the estate of Sigurður Einarsson, the former chairman of the board of failed bank Kaupþing, has been completed the local news site visir.is reports. Creditors, which included Deutsche Bank and the Icelandic bank, Arion, which was created on the ruins of failed bank Kaupþing. Total claims on the estate exceeded 250 billion ISK, which comes to nearly 2 billion USD.

Only a small fraction of the claims were fulfilled, as Sigurður’s estate was found to be worth only 38.3 million ISK (290,000 USD/270,000 EUR), an amount which pales in comparison to the 254.4 billion ISK claims (1.96 billion USD/1.8 billion EUR). The trustee of the estate described it as worthless in an interview with the local newspaper DV. “As there were no assets in the estate we did not assess the validity of the claims made on the estate. These are simply claims that the creditors believe they have on Sigurður.”

Sigurður declared personal bankruptcy in September of 2015. ......

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Press release: White & Case Advises Kaupthing on Landmark Restructuring

Posted 24/12/2015 - 15:43 by anrigaut

2015-12-23 (All day)

Global law firm White & Case LLP has advised Icelandic bank Kaupthing hf. on its restructuring, which is effective from December 23, 2015.

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With priority creditors having already been paid, and subject only to receiving certain exemptions from capital controls upon delivery of an agreed stability contribution to the Icelandic authorities, the successful restructuring will enable the distribution of billions of euros in cash, as well as other instruments, to senior unsecured creditors. It will also facilitate those creditors taking control of the company and its remaining assets. Completing the restructuring before the end of 2015 also ensures that Kaupthing is not subject to an Icelandic stability tax on its assets, preserving value for creditors.

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District court of Reykjavík sentences former Glitnir bank CEO to five years in prison

Posted 22/12/2015 - 10:06 by anrigaut

2015-12-21 (All day)

Earlier today the District Court of Reykjavík sentenced Lárus Welding, the former CEO of failed bank Glitnir, to five years in prison, the Icelandic National Broadcasting Service reports. Jóhannes Baldursson, the former manager of capital markets at Glitnir, received a two year sentence while Þorvaldur Lúðvík Sigurjónsson, former CEO of investment bank Saga Capital received an eighteen month sentence. ...

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26 bankers already sentenced to a combined 74 years in prison

Posted 15/10/2015 - 12:41 by anrigaut

2015-10-13 23

In two separate rulings last week, the Supreme Court of Iceland and the Reykjavík District Court sentenced three top managers of Landsbankinn and two top managers of Kaupþing, along with one prominent investor, to prison for crimes committed in the lead-up to the financial collapse of 2008. With these rulings the number of bankers and financiers who have been sentenced to prison for crimes relating to the financial collapse has reached 26, and a combined prison time of 74 years.

Former managers of Kaupþing top the list.
Eleven former bankers have been sentenced to four and a half years or more in prison. .....

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Judge Will Not Be Forced To Leave Trial Over “Lack Of Impartiality” Accusations

Posted 07/10/2015 - 12:30 by anrigaut

2015-10-06 23

Reykjavík District Court has dismissed a request that a judge in the so-called Marple Case recuse himself for allegedly lacking impartiality on the matter.

Kjarninn reports that Hörður Felix Harðarson, the lawyer for former Kaupþing director Hreiðar Már Sigurðsson, filed a motion with the Reykjavík District Court that one of the judges in the case, Ásgeir Brynjar Torfason, recuse himself from the trial. The motion was filed on the grounds that Felix believes Ásgeir cannot exercise impartiality in the case.

The allegations are based on Ásgeir’s involvement with Gagnsæi, an anti-corruption group, as well as for his posts and “Likes” on social media with news stories related to the case.

Vísir reports, however, that this motion has been denied by the court. Hreiðar could appeal the matter to the Supreme Court after the District Court passes its verdict, which is expected this Friday.
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