BBC News, 12
December 2013
Four former
bosses from the Icelandic bank Kaupthing have been sentenced to between three
and five years in prison.
They are
the former chief executive, the chairman of the board, one of the majority
owners and the chief executive of the Luxembourg branch.
The four
were accused of concealing the fact that a Qatari investor bought a stake in
the firm with money lent by the bank itself.
He bought a
5.1% stake during the financial crisis in 2008.
The four
sentenced are Hreidar Mar Sigurdsson the former chief executive, Sigurdur
Einarsson, former chairman of the board, Olafur Olafsson, one of the majority
owners and Magnus Gudmundsson the former chief executive of the Luxembourg
branch.
They were
also made to pay their own legal costs for the case, which amount to millions
of pounds.
There were
four charges all relating to the purchase of the shares by Sheikh Al Thani from
Qatar.
The
prosecutor said the deal had influenced the bank's share price. He also said
the loans provided for the deal were illegal.
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