On October 6, 2008, the decision was made to provide Kaupþing bank with a EUR 500 million loan, even though it was thought unlikely that the loan would ever be repaid.
Yesterday afternoon The Supreme Court of Iceland affirmed the guilty verdicts handed down by the Reykjavík District Court in June of last year over seven out of nine former Kaupþing bank directors.
Reactions to the report presented Monday, criticizing the re-privatization of the Icelandic banks, continue.
Progressive Party MP Vigdís Hauksdóttir, who chairs the Alþingi parliament’s Budget Committee, and Independence Party MP Guðlaugur Þór Þórðarson, the committee’s first deputy chair, presented a report on Monday criticizing the re-privatization of the banks.
Hearings began in the Icelandic Supreme Court in the Kaupþing bank market manipulation case at 8 am today.
Moody’s Investor Service raised the credit rating for the Icelandic state treasury by two points, from Baa2 to A3 yesterday, with stable outlook. Iceland’s credit rating has not been higher since in late 2008.
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.
An article in Stundin today reveals the connections of father and son Björgólfur Guðmundsson and Björgólfur Thor Björgólfsson to offshore companies.
Five people were injured when a helicopter made an emergency landing in the Hengill mountain area, near Reykjavík.
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.