Ex-Finance Ministry Undersecretary’s Assets Seized Skip to content

Ex-Finance Ministry Undersecretary’s Assets Seized

The office of the special prosecutor has demanded the freezing of the assets of former undersecretary of the Ministry of Finance Baldur Gudlaugsson, allegedly the amount he received for selling his stock in Landsbanki shortly before the banking collapse in 2008.

Photo by Páll Stefánsson.

According to the sources of Stöd 2, the freeze was demanded because of suspicion of breach of law on insider trading. This is the first time that the special prosecutor has used his authority to demand the freezing of assets.

Gudlaugsson sold his shares in Landsbanki on September 17, 2008, which were worth more than ISK 100 million (USD 806,000, EUR 540,000).

On September 2, 2008, Gudlaugsson attended a meeting in London with British Chancellor of the Exchequer Alistair Darling. At the meeting, the proposed transfer of Landsbanki’s Icesave deposits to a British subsidiary was discussed.

When Fréttabladid’s journalists attempted to contact Gudlaugsson last night, they were told that he was unavailable for interview.

Stöd 2 reported that Gudlaugsson has repeatedly denied having had other information about the situation of Landsbanki than what was accessible to the general public.

Click here to read more about the investigation of the banking collapse.

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