Ex-Landsbanki Executive Released from Custody Skip to content

Ex-Landsbanki Executive Released from Custody

Ívar Gudjónsson, former director of Landsbanki’s own investments, was released from custody yesterday. His interrogation is finished for now and therefore Special Prosecutor Ólafur Th. Hauksson didn’t think it necessary to keep him locked up.


Landsbanki. Photo by Páll Stefánsson.

Reykjavík District Court gave Gudjónsson a custody sentence of one week on Friday. At the same occasion, one of the bank’s two former CEOs, Sigurjón Th. Árnason, was sentenced to custody until January 25 and he has not been released.

Meanwhile, co-CEO Halldór J. Kristjánsson is under a travel ban, also until January 25, Fréttabladid reports.

Both Gudjónsson and Árnason appealed the verdict to the Supreme Court but Kristjánsson did not appeal the travel ban, announcing that he will stay in the country for as long as the Special Prosecutor wishes.

A total of 40 people have been interrogated because of the office’s investigation of the affairs of Landsbanki since extensive operations including raids and arrests took place last week. Hauksson said questioning will continue in the coming days.

The investigation is directed at alleged market abuse from 2003 to 2008 and Landsbanki’s purchase of a valueless loan portfolio held by its subsidiary in Luxembourg. The defendants are also suspected of tax fraud and breach of customer trust.

Click here to read more about the Landsbanki investigation.

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