Former Glitnir Executives’ Case Opens in Court Skip to content

Former Glitnir Executives’ Case Opens in Court

By Iceland Review

The case of the Special Prosecutor’s Office against former CEO of the now defunct Glitnir bank Lárus Welding and Guðmundur Hjaltason, former manager of the bank’s corporate division, opened in Reykjavík District Court yesterday.


Reykjavík District Court.

Neither of the defendants were present—they were abroad—but their legal representatives submitted declarations to the court in which they maintain their innocence, reports.

Lárus and Guðmundur are accused of having significantly jeopardized the financial situation of Glitnir with a dubious loan of ISK 10 billion (USD 81 million, EUR 63 million) granted to the company Milestone a few months before the banking collapse in October 2008.

The loan was granted without collateral and without anyone taking responsibility for it.

Click here to read more about the case and here to read about other legal proceedings connected with Glitnir.


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