Thursday, November 20, 2014

Iceland jails former Landsbanki CEO...

Iceland has secured a conviction against the last of the former chief executives of its three largest banks, as the Nordic island continues to plough a lone furrow in its attempts to prosecute the misdeeds of the financial crisis.

Richard Milne, Nordic Correspondent reports that Sigurjon Arnason, former chief executive of Landsbanki, was sentenced to 12 months in prison for market manipulation, but nine months were suspended.

Two other former Landsbanki executives were convicted and one was acquitted in a case about whether they manipulated the bank's share price in the months leading up to its collapse in October 2008.

Arnason joins Larus Welding, the former chief executive of Glitnir, and Hreidar Mar Sigurdsson and Sigurdur Einarsson, the ex-chief executive and chairman of Kaupthing, in receiving convictions.

The three largest Icelandic banks imploded spectacularly in the autumn of 2008 after amassing assets equivalent to 10 times the size of Iceland's economy as they funded an acquisition spree by local businessmen abroad.

Iceland is unique in the western world in actively targeting the top management of its former banks as it aggressively investigates the financial crimes committed during the run-up to their collapse. Source...

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