Former Banker Acquitted in Exeter Case

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Former Banker Acquitted in Exeter Case

Former CEO of MP Bank Styrmir Þór Bragason was acquitted for breach of trust in the so-called Exeter case at Reykjavík District Court today. The State Treasury will be responsible for paying all legal costs, mbl.is reports.

districtcourt

Reykjavík District Court.

The Office of the Special Prosecutor had demanded that Styrmir be sentenced to three to four years in prison.

As reported, Styrmir was accused of having been accomplice to granting a loan from Byr savings bank to a subsidiary of MP Bank to purchase founder’s capital shares in Byr, which proved to be worthless.

Jón Þorsteinn Jónsson and Ragnar Z. Guðjónsson were given 4.5-year sentences at the Supreme Court of Iceland in June 2012 for their part in the affair. Styrmir’s case was then referred back to the district court.

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ZR