Foreign funds and investment bank Goldman Sachs have acquired almost 30 percent of shares in Icelandic bank Arion Bank for ISK 48.8 billion (USD 452 million, EUR 420 million), as announced by Arion Bank and Kaupþing ehf. (the administrator of the defunct Kaupþing’s assets) yesterday evening.
Selling half of the Icelandic state’s share in the country’s banks in coming years could reduce the state’s debt to 10-15 percent of GDP by 2022.
Three board members of Glitnir Holdco ehf., along with a few Icelandic key employees of the company in Iceland, have already secured a total of ISK 875-1,525 million (USD 7.6 million, EUR 7 million) in bonuses.
An Icelandic Supreme Court judge did indeed notify the Committee on Judicial Work of his trading of shares in Glitnir bank, as the rules required.
The head of the Association of Icelandic Judges believes information regarding the stock ownership of Supreme Court judges must have been leaked to the media in order to influence the operation of the courts.
Last night, the TV news analysis program Kastljós suggested that an Icelandic supreme court lawyer might have failed to report his purchase and sale of shares in Glitnir Bank prior to the 2008 banking collapse.
RÚV reports that an Icelandic supreme court judge owned shares worth tens of millions of ISK in Glitnir Bank during the years leading up to the banking collapse in 2008.
Two men were arrested in Siglufjörður, North Iceland, yesterday, suspected of embezzlement at AFL savings bank.
The board of directors of Landsbankinn bank and CEO Steinþór Pálsson have reached an agreement that he leave his post at the bank.
Prime Minister of Iceland Sigurður Ingi Jóhannsson stated that it’s important for the government to send a clear message that the inequality which comes with sky-high bonus payments will not be tolerated. He calls the Kaupþing bonuses “tactless and even immoral.”
The general assembly of holding company Kaupþing, previously the defunct Icelandic bank, approved a proposal last night on paying bonuses of up to ISK 1.5 billion (USD 13 million, EUR 12 million) combined to key employees. Some of these employees will receive bonuses of around ISK 100 million (...
A group of about 20 employees of the holding company Kaupþing could be receiving bonuses totaling almost ISK 1.5 billion (USD 12.82 million, EUR 11.35 million) to be paid out at the end of April next year.
Finance Minister Bjarni Benediktsson wants an investigation of the role of the German bank Hauck & Aufhäuser in the purchase of the government’s stake in Búnaðarbanki bank in 2003.
Preparations are underway for the establishment of a new community bank, Heimilisbankinn (‘The Home Bank’).
There is high demand for credit in the banking system in Iceland and levels of investment have increased, according to director of Íslandsbanki, Birna Einarsdóttir. She says that society finds itself in a very different place today than in 2007, before the banking crash.
Iceland’s finance minister says it will not be possible to sell the State’s share in financial institutions before elections this autumn, but that he would like to submit 2017’s budget bill to parliament before it adjourns.
The three jailed former heads of Kaupþing Bank are today to be released from prison into almost total freedom, following a change in the law rushed through parliament in March.
Following yesterday’s calls from the Progressive Party to withdraw the 110-year period of secrecy on data and documentation about the resolution of the old bankrupt banks, the head of the national archives has said that no documentation currently exists with 110-year secrecy applied.
Iceland´s FME financial regulator has released a statement which concludes that Landsbankinn’s conduct in selling its 31.2 percent stake in credit card company Borgun could not be considered in line with normal, healthy trading procedures in the financial market.
The state prosecutor has filed charges against Lárus Welding, former CEO of Glitnir bank, for breach of trust and market manipulation.
ALMC, an asset management company, formerly known as Straumur-Burðarás Investment Bank, has paid between 20 and 30 current and former employees bonuses, estimated to amount to ISK 3.3 billion (USD 25.5 million, EUR 23 million).
Former Landsbanki CEO Sigurjón Árnason and three of his subordinates were sentenced today in the Supreme Court of Iceland for market manipulation.