Former Glitnir Executives Appeal Custody Verdict Skip to content

Former Glitnir Executives Appeal Custody Verdict

The three former executives of the defunct Icelandic bank Glitnir, Lárus Welding, Jóhannes Baldursson and Ingi Rafn Júlíusson, who were sentenced to one week in custody by Reykjavík District Court on Wednesday, have all appealed the verdict to the Supreme Court.


The headquarters of Glitnir, now Íslandsbanki. Copyright: Icelandic Photo Agency.

They were arrested at the request of Special Prosecutor Ólafur Þór Hauksson in connection with his investigation of the bank’s purchase of and trade with stock issued by FL Group and loans granted to various companies due to purchase of stock issued by the bank in 2007 and 2008.

According to, the investigation of Glitnir’s affairs concerns trade worth up to ISK 200 billion (USD 1.7 billion, EUR 1.3 billion) and tens of people will be questioned in the coming weeks as part of the investigation.

Among them is Bjarni Ármannsson, who served as CEO of Glitnir before Lárus, as Fréttablaðið reports. He is currently traveling abroad and will come in for questioning once he returns. It is uncertain what his legal position is.

Ólafur told Morgunblaðið that his office is about to complete the investigation of ten cases that are connected with the banking collapse in 2008 and he expects charges to be filed shortly.

Click here to read more about the Glitnir investigation.


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