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Banking Collapse

Glitnir

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...

Money - Icelandic Króna

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.

Minister of Finance Bjarni Benediktsson speaking at the Independence Party general meeting in 2013.

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...

gavel as used in courts

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...

Supreme Court of Iceland

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...

Former chair of Kaupþing Sigurður Einarsson.

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.

Money - Icelandic Króna

Britain Recovers 85 Percent of Icesave Claims

The Economic Secretary to the Treasury, Andrea Leadsom, confirmed yesterday that the British government has recovered a further GBP 1.36 billion (ISK 264 billion, USD 2.14 billion, EUR 1.71 billion) from the Landsbanki estate in Iceland, which operated as Icesave in the UK, following its...

Landsbankinn

Former Landsbanki CEO Sentenced to 12 Months

Sigurjón Þ. Árnason, former CEO of Landsbanki, was sentenced to 12 months in prison by Reykjavík District Court earlier this morning for market manipulation between November 1, 2007 and October 3, 2008.

gavel as used in courts

Defendants in SPRON Case Maintain Innocence

Rannveig Rist and Jóhann Ásgeir Baldurs, former board members of savings bank SPRON, both maintained their innocence when the special prosecutor’s case against them opened in Reykjavík District Court this morning. The case involves a ISK 2 billion loan.

Former chair of Kaupþing Sigurður Einarsson.

Ex-Kaupþing Chair Sued Special Prosecutor

Former chair of collapsed Icelandic bank Kaupþing, Sigurður Einarsson, filed a lawsuit against Special Prosecutor of Iceland Ólafur Þór Hauksson and Björn Þorvaldsson, a prosecutor working at the office, at the end of October 2013, as revealed yesterday.

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