“Shock” acquittal of Icelandic bankers

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

Your rating: None
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.