Kaupthing’s Top Dogs Charged with Criminal Activity

Posted 22/02/2012 - 13:06 by anrigaut

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2012-02-22 (All day)

The Special Prosecutors’ Office has filed charges in the so-called Al-Thani case, which pertains to the purchase of a five percent share in Kaupthing Bank in late September 2008, merely two weeks before the banking system’s collapse, vísir.is reports.
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Former president of Kaupthing, Hreiðar Már Sigurðsson, former chairman of Kaupthing, Sigurður Einarsson, former president of Kaupthing Luxembourg, Magnús Guðmundsson, and Ólafur Ólafsson, who was the bank’s second largest shareholder, are the accused, vísir.is also reports.

The first two have been charged with mandate fraud, Magnús for participating in mandate fraud and Ólafur for participating in mandate fraud but as a reserve cover up and money laundering.

In addition, all four have been charged with market abuse, i.e. for falsely making it appear that a known Qatari investor had submitted funds to purchase the share and been fully accountable for the financial risk it entailed.

Sigurður and Hreiðar are believed to have organized the offenses.