Icelandic media are abuzz today about “the fake foreign man” who was among the biggest debtors of the failed old Icelandic banks before the 2008 crash. The name does not refer to a specific individual; it is actually a collective term for a number of unknown overseas legal entities.
Lárus Welding, former director of Glitnir Bank, and four other executives from the failed bank, have this morning pleaded not guilty to all charges as their trial begins.
The parliamentary Progressive Party has voted to remove the 110-year secrecy period currently in place for all documentation regarding the resolution of the estates of the bankrupt Icelandic banks, from the 2008 crash to today. The Progressive Party MPs say they hope for a wider backing from...
Prime Minister of Iceland, Sigmundur Davíð Gunnlaugsson, has been keeping quiet about his wife’s business dealings, amid claims the issue is causing a major rift within the coalition government.
The state prosecutor has filed charges against Lárus Welding, former CEO of Glitnir bank, for breach of trust and market manipulation.
Former Landsbanki CEO Sigurjón Árnason and three of his subordinates were sentenced today in the Supreme Court of Iceland for market manipulation.
Three imprisoned Icelandic bankers, jailed for their role in the Al Thani case, have written a letter to the Ombudsman of Alþingi, complaining about the prison director.
Former CEO of Glitnir bank Lárus Welding was sentenced yesterday to five years in prison for breach of trust in the so-called Stím Case.
The economic measures introduced by the government Wednesday are the largest ever in Icelandic history, according to Finance Minister Bjarni Benediktsson.
British prime minister David Cameron, who was in Iceland yesterday for the Northern Future Forum, said he believed that both countries had now put Icesave behind them and were focusing on other issues.
The Central Bank of Iceland has recommended an exemption from the Foreign Exchange Act be given to the failed banks, Kaupthing hf., Glitnir hf., and LBI hf.
The creditors of Glitnir Bank have proposed to relinquish all of Glitnir’s holdings in Íslandsbanki LTD to the State as part of their stability contribution.
The Reykjavík District Court today sentenced three defendants in the Marple Case, but found one of them not guilty.
Yesterday, the Supreme Court of Iceland sentenced Sigurjón Þ. Árnason, former director of Landsbanki, to three and a half years in prison.
At a meeting in Harpa concert hall today, the creditors of Kaupþing Bank agreed to pay ISK 120 billion (USD 937 million, EUR 839 million) in stability contribution in order to be exempt from capital controls.
Standard & Poor’s has raised the long-term credit rating of the Icelandic government, from BBB- to BBB.
The office of the Special Prosecutor, which was established to investigate the Icelandic banking collapse in 2008, will be shut down at the end of this year, according to legislation passed by Alþingi, the Icelandic parliament, on Tuesday.
Sigurður Einarsson, former chairman of Kaupþing Bank, has today been sentenced to one year in prison in the so-called 'big market manipulation case' at the Reykjavík district Court. Hreiðar Már Sigurðsson was also found guilty, but was not sentenced on top of the existing prison term he is...
The former CEO of the savings bank SPRON Guðmundur Örn Hauksson and former board members Ari Bergmann Einarsson, Margrét Guðmundsdóttir, Ásgeir Baldursson and Rannveig Rist were acquitted of charges of breach of trust in Reykjavík District Court this morning.
A group of shareholders in the collapsed bank Landsbanki believe that they can prove how the bank’s former owner Björgólfur Thor Björgólfsson deceived them, causing financial damage to 25,000 shareholders. They have established an interest group to take Björgólfur to court.
The claimants of the collapsed Icelandic banks have agreed to the conditions introduced by the government of Iceland in order to guarantee economic stability when the capital controls—which have been in place since the banking collapse in 2008—will be lifted.
Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson and Minister of Finance Bjarni Benediktsson presented a plan to lift capital controls—which have been in place since the banking collapse in October 2008—at a press conference at noon today.