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Iceland Sets Another Precedent for Capitalist Countries by Jailing the Bankers
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By News Bulletin
BBC
Thursday, Dec 12, 2013
December 12, 2013
BBC
Icelandic bank bosses jailed
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, who had bought 5.1% of the bank during the financial crisis, had done so with money lent by the bank itself.
They were also made to pay their own legal costs for the case which amounts to millions of pounds.
There were four charges and they all relate to the buying of these shares by Sheikh Al Thani from Qatar.
The prosecutors said this deal had influenced the bank's share price. He also said the loans provided for the deal were illegal.
Source: BBC
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