Kaupþing CEOs Sentenced Skip to content

Kaupþing CEOs Sentenced

By Iceland Review

The Reykjavík District Court today sentenced three defendants in the Marple Case, but found one of them not guilty, RÚV reports.

Magnús Guðmundsson, former CEO of Kaupþing in Luxembourg received the heaviest sentence, 18-months in prison. Hreiðar Már Sigurðsson, former CEO of Kaupþing, and investor Skúli Þorvaldsson were sentenced to six months in prison. Guðný Arna Sveinsdóttir, former chief financial officer for Kaupþing, was found not guilty.

Hreiðar Már and Guðný Arna were accused of the embezzlement of ISK billions and breach of trust and Magnús for taking part in those. Skúli was charged with connivance.

According to the charges, over ISK 6 billion (USD 47.89 million, EUR 42.14 million) was transferred from the funds of Kaupþing in Iceland into the account of Marple Holding through Kaupþing in Luxembourg. The funds were transferred in two separate transactions in 2007 and 2008. This is the only court case where CEOs of banks have been charged with embezzlement and by far the largest embezzlement case to reach court in Iceland.

All the defendants proclaimed their innocence.

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