The Reykjavík District Court today handed four former key executives and majority owners of Kaupþing Bank the heaviest sentence ever given in Iceland for economic fraud in the so-called Al-Thani case. The four were charged with market manipulation in relation to Sheik Mohammed Bin Khalifa Al-Thani of Qatar’s acquisition of more than five percent of shares (worth ISK 25 billion) in Kaupþing Bank shortly before it collapsed in autumn 2008.
Photo: Kaupþing headquarters. Copyright Icelandic Photo Agency.
Hreiðar Már Sigurðsson, former director of the bank, got the longest sentence at five and a half years. Sigurður Einarsson, former chairman of the board, got five years while investor, and one of the bank’s biggest shareholders, Ólafur Ólafsson, got three and a half years Magnús Guðmundsson, director of Kaupthing Luxembourg, got three years, visir.is reports.