Supreme Court Hears Kaupþing Case

Posted 19/09/2016 - 13:55 by anrigaut

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2016-09-08 23

Hearings began in the Icelandic Supreme Court in the Kaupþing bank market manipulation case at 8 am today, Vísir reports. This is one of the largest economic crimes to reach Icelandic courts, but altogether nine people are accused in the case, for market manipulation and/or breach of trust between November 1, 2007, and October 8, 2008.

Among the accused are Kaupþing’s leaders before the 2008 financial crisis: Hreiðar Már Sigurðsson, former director of the bank, Sigurður Einarsson, former board director and Ingólfur Helgason who directed the bank in Iceland.

All three received sentences without probation in the Reykjavík District Court in June last year. At the time, four others received sentences with probation, and one woman was acquitted. Some charges against the bank’s director in Luxembourg, Magnús Guðmundsson, were dismissed, but he was acquitted of others.

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[The prosecutor] would like to see all those accused in the case sentenced and a heavier sentence for those who were found guilty in district court. Furthermore, he would like to see the dismissed charges against Magnús Guðmundsson reconsidered.