Connect to share and comment

Iceland jails bank officials for Kaupthing fraud

Three former directors of the collapsed Icelandic bank Kaupthing were convicted for fraud by a Reykjavik court Thursday and sentenced to between three a half and five and half years in prison. The three men were convicted for hiding the fact that a Qatari investor used money loaned from Kaupthing to buy a 5.1 percent stake in the bank right in the middle of the 2008 financial crisis.

Iceland jails bank officials for Kaupthing fraud

Three former directors of the collapsed Icelandic bank Kaupthing were convicted for fraud by a Reykjavik court Thursday and sentenced to between three a half and five and half years in prison. The three men were convicted for hiding the fact that a Qatari investor used money loaned from Kaupthing to buy a 5.1 percent stake in the bank right in the middle of the 2008 financial crisis.

Iceland bank chief to be charged over 2008 collapse

The former head of Iceland's once biggest bank, Kaupthing, will be charged next month with fraud and for manipulating the bank's share price which helped lead to the bank's collapse in 2008, a prosecutor said Tuesday. Special prosecutor Olafur Thor Hauksson said the charges would be filed against the bank's former chief executive, Heidar Mar Sigurdsson, and eight other former Kaupthing employees on April 24 in Reykjavik's district court. The trial could last "up to one year", Hauksson said.

Estate of collapsed Icelandic bank says settles dispute with Qatari sheikh

REYKJAVIK, Feb 8 (Reuters) - The estate of a bankrupt Icelandic bank said on Friday it had settled a dispute with a Qatari sheikh which stemmed from a deal the sheikh made to buy shares in the bank just before it collapsed in 2008. All three of Iceland's top banks collapsed under big debts when the global credit crunch struck in late 2008.
Syndicate content