trial

Former CEO of Kaupþing bank wants judge to recuse himself ...

Posted 07/10/2015 - 06:36 by anrigaut

2015-10-05 23

Lawyers for former CEO of failed Kaupþing bank want a judge to recuse himself from a case involving allegations the managers of Kaupþing fraudulently transferred large sums to a company called Marple Holdings and for a subsequent purchase of bonds from the company. The Special prosecutor alleges that all in all the accused fraudulently transferred 8 billion ISK (63 million USD/56 million EUR) to the company in 2007-8.

Embezzlement, fraud and breach of trust
The Special Prosecutor has charged Hreiðar Már Sigurðsson, the former CEO of Kaupþing, and Guðný Arna Sveinsdóttir, the former CFO of Kaupþing, with embezzlement in the case, Magnús Guðmundsson the CEO of Kaupþing Luxembourg for participating in the embezzlement and Skúli Þorvaldsson, investor and the listed owner of Marple Holdings, for cover-up. The former Kaupþing bosses have claimed innocence while Skúli has denied having actually owned the company.

Now the lawyers of Hreiðar Már have requested one of the judges in the case, Ásgeir Brynjar Torfason, recuse himself the local news site visir.is reports. The lawyers believe the judge cannot be considered impartial due to several Facebook likes, Twitter posts, an anonymous blog post they allege was written by Ásgeir and his work for a non-profit which fights corruption. The Reykjavík District court will consider these demands today.

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The case is the latest in a series of high-profile cases against the former managers of Kaupþing. Earlier this year the Supreme court of Iceland sentenced Hreiðar Már and Magnús to prison for 5,5 years and 4,5 years in prison respectively for market manipulation. Seven top managers of Kaupþing were sentenced by the Reykjavík District Court in a second market-manipulation earlier this summer.

The Reykjavík District court will hand down its verdict in the current case on Friday, 9 October.

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Kaupthing Bankers on Trial, Again

2015-04-20 23

The Reykjavík District Court began hearing oral testimony on Monday in the largest case relating to the events leading up to the crash of 2008. Nine former managers of Kaupthing bank are on trial for market manipulation in the 11 months leading up to the bank’s collapse, along with the rest of the Icelandic financial system in the fall of 2008. Over fifty witnesses are scheduled to appear before the judge, a process expected to take seventeen days, followed by five days of oral arguments.
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Epic Kaupþing abuse trial be­gins

Posted 21/04/2015 - 09:43 by anrigaut

2015-04-20 23

To­day sees the start of the main court pro­ceed­ings in the Kaupþing mar­ket ma­nip­u­la­tion case, the biggest case of this type in Ice­land’s his­tory. The trial is ex­pected to take up to 22 days to com­plete.
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Another similar report here: http://icelandmag.com/article/kaupthing-bank-trial-might-be-one-largest-...

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Nine Former Kaupthing Employees Indicted

Posted 24/04/2013 - 15:49 by anrigaut

2013-04-23 23

Charges were filed against nine former Kaupthing employees in Reykjavík’s District Court this morning, Vísir reports.

The nine men are accused of market abuse and breach of trust in the lead up to the bank collapse in October 2008. This particular case first emerged in April and was reported to be one of the largest of its kind, but it is in fact five different cases combined into a single charge.
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For further details see here: http://www.reuters.com/article/2013/04/24/iceland-bankers-idUSL6N0DB3DV2... and here: http://uti.is/2013/04/iceland-prosecuting-alleged-major-financial-fraud-...

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