Iceland Monitor

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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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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More Kaupthing Executives jailed

2015-06-25 23

Six defendants in the Kaupþing market manipulation case, the biggest case of this type in Iceland’s history, have been handed prison sentences ranging from one year to four years and six months.

By fully financing share purchases with no other surety than the shares themselves, the bank was accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.

See also here:
and here:

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