Independent

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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"Search warrants issued to the Serious Fraud Office against property magnates Robert and Vincent Tchenguiz are to be set aside.
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At a hearing at London's High Court in May, their lawyers said that the warrants were unlawful as they were obtained by misrepresentation and non-disclosure to an Old Bailey judge."

Today, Sir John Thomas, president of the Queen's Bench Division, and Mr Justice Silber upheld their challenge and transferred the case to another branch of the court to consider the issues of causation and damages.
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See also http://www.bbc.co.uk/news/business-19062414

and http://www.guardian.co.uk/business/2012/jul/31/high-court-search-warrant...

and http://www.telegraph.co.uk/finance/financial-crime/9440333/SFO-search-wa...

The SFO has been looking at how millions were extracted from an Icelandic bank before it collapsed. But now it's the investigators who are under scrutiny ...

... the SFO admitted that the case of Vincent "as a suspect in the SFO's investigation must be, and will be, reviewed – as a matter of urgency".

This means the action against him could be dropped entirely within the next month. But the FSA is less likely to withdraw from its case against Robert, which it believes is on a firmer footing. ...

Geir Haarde resigns, blaming illness, but more likely a more dignified reason to step down.