banking collapse

Banker’s Wife Accuses Supreme Court of Mix-up

Ingibjörg Kristjánsdóttir, the wife of former majority owner of Kaupþing Bank Ólafur Ólafsson, who in February was handed a four-and-a-half year sentence for being party to the Al-Thani scam, maintains in an article she wrote in Fréttablaðið today that the Supreme Court of Iceland had confused...

PM Calls for Reform of Iceland’s Monetary System

A report, commissioned by Prime Minister Sigmundur Davíð Gunnlaugsson, outlining the need for a fundamental reform of Iceland’s monetary system, was published today by Progressive Party MP and chair of the Alþingi parliament’s Committee for Economic Affairs and Trade Frosti Sigurjónsson.

Icelandic Króna Featured in New Documentary

A new Icelandic documentary Íslenska krónan, features the Icelandic currency, its history current position and future prospects. Directed by Garðar Stefánsson and produced by Atli Bollason, it will be screened at Bíó Paradís cinema in Reykjavík starting this Sunday.

Icelandic Banks Profit ISK 370 Billion since Collapse

The combined profits of the three large commercial banks in Iceland, Landsbanki, Arion Banki (earlier Kaupþing) and Íslandsbanki (earlier Glitnir), was ISK 80 billion (USD 600 million, EUR 530 million) last year. Since the banking collapse in 2008, they’ve earned ISK 370 billion (USD 2.8 billion...

Former FL Group CEO Acquitted in District Court

Former CEO and of investment company FL Group Hannes Smárason was this morning acquitted of charges of embezzlement from the company’s funds in Reykjavík District Court. The prosecution is to cover all costs, including ISK 10 million (USD 76,000, EUR 66,000) in defensive fees.

Icelandic State to Seek Compensation for Al-Thani Scam

Icelandic Minister of Finance Bjarni Benediktsson stated in parliament yesterday that there is reason to look into whether an EUR 500 million emergency loan the Central Bank of Iceland granted to Kaupþing Bank following the Al-Thani scam is reason for the Icelandic state to file a damages case...

Prosecutor on Al-Thani Case: Clear Message to Bankers

Special Prosecutor Ólafur Þór Hauksson, who filed the charge against the Kaupþing four, who were convicted in the Al-Thani case on Thursday, believes that the verdict along with other recent convictions in economic violations reduce the likelihood of similar violations being committed in the...

Iceland Supreme Court: Al-Thani Deal ‘Deception’

The Supreme Court of Iceland concluded in its verdict yesterday when sentencing four former key executives of Kaupþing Bank to prison that Sheik Mohammed Bin Khalifa Al-Thani of Qatar’s acquisition of a five percent share in the bank two weeks before the banking collapse in 2008 was a deception...

Icelandic Bankers Sentenced to Prison

The Supreme Court of Iceland today upheld prison sentences on four former key executives and majority owners of Kaupþing Bank in the so-called Al-Thani case in what is the heaviest sentence ever given in Iceland for economic fraud.

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