Glitnir Internal Trading Case Opens in Iceland Court Skip to content

Glitnir Internal Trading Case Opens in Iceland Court

A charge was filed on suspicion of internal trade at Glitnir Bank at Reykjanes District Court on Monday. It is the second case of this kind taken to court by the Special Prosecutor’s Office since the banking collapse in 2008.

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The former headquarters of Glitnir. Copyright: Icelandic Photo Agency.

According to the charge, Friðfinnur Ragnar Sigurðsson, a former middle-manager at Glitnir, sold his shares in the bank for almost ISK 20.2 million (USD 156,000, EUR 125,000) in March, April and September 2008, in all cases while having access to insider information on the bank’s poor liquidity position, Fréttablaðið reports.

Friðfinnur is said to have had access to the information through his position at the bank, which he mainly obtained through a number of emails from his coworkers where the bank’s liquidity position was discussed.

Friðfinnur maintained his innocence before the court.

The other internal trading case launched by the Special Prosecutor ended with conviction of former undersecretary of the Ministry of Finance, Baldur Guðlaugsson, in February. He has now appealed his case to the European Court of Human Rights.

Click here to read more about that story.

ESA

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