Three of the four former Glitnir Bank employees accused of breach of trust and market manipulation in connection with the bank’s ISK 3.8 billion (USD 29 million, EUR 22 million) loan to the company BK-44 in November 2007 pleaded not guilty at the filing of the court case yesterday, ruv.is reports.
The bank's headquarters. Photo copyright Icelandic Photo Agency.
The company was owned by Birkir Kristinsson, former superior of Glitnir’s private banking service, who is one of those facing charges. The other three are Jóhannes Baldursson, managing director of the bank’s market trade, broker Elmar Svavarsson and Magnús Arnar Arngrímsson, who was managing director of the bank’s company division.
Jóhannes, Magnús and Elmar pleaded not guilty while Birkir opted to have his lawyer present a motion for dismissal of the case.