Defendants in SPRON Case Maintain Innocence Skip to content

Defendants in SPRON Case Maintain Innocence

Rannveig Rist and Jóhann Ásgeir Baldurs, former board members of savings bank SPRON, both maintained their innocence when the special prosecutor’s case against them opened in Reykjavík District Court this morning.

The next hearing is scheduled for the beginning of next year, reports.

The Special Prosecutor’s Office filed charges against Rannveig and Jóhann, along with SPRON’s former CEO Guðmundur Örn Hauksson and board members Ari Bergmann Einarsson and Margrét Guðmundsdóttir for having abused their positions and risked the bank’s money by authorizing a loan of ISK 2 billion (USD 17 million, EUR 13 million at today’s exchange rate) to investment company Exista without collateral.

Guðmundur, Ari and Margrét declared their innocence when their case opened at Reykjavík District Court on October 13, reports.

The loan is considered highly unusual as it was the only loan approved by the board in 2007-2008. The loan was never repaid and the bank’s money is believed to have been lost.

Following the banking collapse in October 2008, Ólafur Þór Hauksson was appointed special prosecutor to investigate the collapse. Up to 50 cases are still being investigated by his office.

So far, the Supreme Court of Iceland has made judgments in five major cases filed by the special prosecutor of which four have ended with convictions and one with acquittal, as reported in a summary by

Six verdicts have been announced in the special prosecutor’s cases in Reykjavík District Court. Two of the cases ended with convictions, three with acquittals and in one case two of the defendants were acquitted and one convicted.

Most of these cases have been appealed to the Supreme Court.

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