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Iceland to charge ex-Kaupthing bank chief with fraud


Iceland

Iceland to charge ex-Kaupthing bank chief with fraud

The former head of Iceland’s biggest bank, Kaupthing, will be charged next month for his role in its collapse in 2008.

Heidar Mar Sigurdsson has been accused of fraud for manipulating the bank’s share price whilst pocketing 325 million kroner in the process.

Special Prosecutor Olafur Thor Hauksson announced that charges would be made on April 24th against Mr Sigurdsson and eight other employees in Reykjavik. Justice will not be swift as the case could take up to one year.

It marks a new round of charges in the criminal investigation set up to probe those involved in the financial meltdown in 2008. Two bank executives have already faced jail terms for their conduct leading to the crisis.

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