All charges against former CEO of Kaupþing Luxembourg Magnús Guðmundsson in the so-called Al-Thani case have been dropped. The verdict by Reykjavík District Court came at around 9 am this morning and has already been appealed at the Supreme Court.

Charges of market abuse and breach of trust were filed against Magnús and four of his former colleagues by the Special Prosecutor’s Office.

According to the ruling, the charges were too vague and inadequately presented. The Icelandic state must pay Magnús ISK 9 million (USD, 71,000, EUR 55,000) in legal costs, visir.is reports.

According to visir.is, Magnús has refused to comment on the judgment until the case has gone to the Supreme Court.

A judgment on the other defendants is expected soon.

The case pertains to the purchase of a five percent share in Kaupthing Bank in late September 2008, merely two weeks before the banking system’s collapse.

Q Iceland Finance, the holding company of Sheikh Mohammed Bin Khalifa Al-Thani, was initially said to have bought a 5.01 percent share in Kaupthing but later it was revealed that Kaupthing itself financed the majority of the purchase.

The case has been under investigation ever since the collapse, or more than three years.

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ZR