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Former CEO of Iceland’s Kaupthing Freed from Custody

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Former CEO of Iceland’s Kaupthing Freed from Custody

Hreidar Már Sigurdsson, former CEO of the Icelandic bank Kaupthing, was released from custody yesterday along with Ingólfur Helgason, former director of Kaupthing in Iceland. However, they are both on a travel ban until May 27.

The headquarters of Kaupthing, now Arion Bank, in Reykjavík. Copyright: Icelandic Photo Agency.

Sigurdsson had been sentenced to 12 days in custody and Helgason to seven days. In both instances the custody ruling was based on the interest of the special prosecutor’s investigation. The custody over both men was supposed to expire today, ruv.is reports.

Special Prosecutor Ólafur Thór Hauksson reasoned that it is no longer in the interest of the investigation that Sigurdsson and Helgason remain behind bars, although it is important that they remain in the country.

Sigurdsson has appealed the travel ban ruling to the Supreme Court.

Hauksson told Fréttabladid, that although the custody over Sigurdsson and Helgason was not extended, the investigation of this case is far from over.

Magnús Gudmundsson, former director of Kaupthing in Luxembourg, was released from custody last week but is now also on a travel ban.

Steingrímur P. Kárason, former director of Kaupthing’s risk management, is also on a travel ban. He was never in custody.

According to Fréttabladid, the bank’s former chair, Sigurdur Einarsson, has yet to be questioned in relation to this case.

Einarsson lives in London and refuses to come to Iceland for questioning. Hauksson has issued a warrant for his arrest and Einarsson is now wanted by Interpol.

Click here to read more about this story.

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