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(Iceland) Ex-Kaupthing bankers convicted of abuses related to Qatari investment
Source: Reuters
Ex-Kaupthing bankers convicted of abuses related to Qatari investment
REYKJAVIK Thu Dec 12, 2013 11:35am EST
Dec 12 (Reuters) - An Icelandic court sentenced four former Kaupthing bankers to jail on Thursday for market abuses related to a large stake taken in the bank by a Qatari sheikh just before it went under in late 2008.
Weeks before the country's top three banks collapsed under huge debts as the global credit crunch struck, Kaupthing announced that Sheikh Mohammed Bin Khalifa Bin Hamad al Thani had bought 5 percent of its shares in a confidence-boosting move.
A parliamentary commission later said the shares had been bought with a loan from Kaupthing itself.
On Thursday, a Reykjavik district court sentenced Hreidar Mar Sigurdsson, Kaupthing's former CEO, to five and a half years in prison while former chairman Sigurdur Einarsson received a five-year sentence.
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REYKJAVIK Thu Dec 12, 2013 11:35am EST
Dec 12 (Reuters) - An Icelandic court sentenced four former Kaupthing bankers to jail on Thursday for market abuses related to a large stake taken in the bank by a Qatari sheikh just before it went under in late 2008.
Weeks before the country's top three banks collapsed under huge debts as the global credit crunch struck, Kaupthing announced that Sheikh Mohammed Bin Khalifa Bin Hamad al Thani had bought 5 percent of its shares in a confidence-boosting move.
A parliamentary commission later said the shares had been bought with a loan from Kaupthing itself.
On Thursday, a Reykjavik district court sentenced Hreidar Mar Sigurdsson, Kaupthing's former CEO, to five and a half years in prison while former chairman Sigurdur Einarsson received a five-year sentence.
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Read more: http://www.reuters.com/article/2013/12/12/iceland-kaupthing-idUSL6N0JR39Y20131212
