Four former bosses from the Icelandic bank Kaupthing have been sentenced to between four and five and a half years in prison. The Supreme Court of Iceland came to this conclusion today. The four were sentenced to between three and five and a half years in prison in Reykjavik's district court. The verdict was appealed to the Supreme Court.
They are the former chief executive, the chairman of the board, one of the majority owners in addition to the chief executive of the Luxembourg branch. The foursome was accused of hiding the fact that a Qatari investor, Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani, bought a stake in the firm. Al-Thani had bought the stakes with money illegally loned by Kaupthing.
Al-Thani's purchase, a 5,1% share in the bank, was announced only a few weeks before the collapse. The investor's purchase was seen as a confidence boost for the bank while rumors circulated about the bank having troubles.
The Supreme court confirmed the five and a half year verdict Hreidar Mar Sigurdsson, the former chief executive, received in the district court. Sigurdur Einarsson, former chairman of the board, was sentenced to four years in jail. Full story...
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They are the former chief executive, the chairman of the board, one of the majority owners in addition to the chief executive of the Luxembourg branch. The foursome was accused of hiding the fact that a Qatari investor, Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani, bought a stake in the firm. Al-Thani had bought the stakes with money illegally loned by Kaupthing.
Al-Thani's purchase, a 5,1% share in the bank, was announced only a few weeks before the collapse. The investor's purchase was seen as a confidence boost for the bank while rumors circulated about the bank having troubles.
The Supreme court confirmed the five and a half year verdict Hreidar Mar Sigurdsson, the former chief executive, received in the district court. Sigurdur Einarsson, former chairman of the board, was sentenced to four years in jail. Full story...
Related posts:
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