Latest Iceland Banking Trial Reaches Half Way Point Skip to content

Latest Iceland Banking Trial Reaches Half Way Point

The 22-day hearing of nine former Kaupþing Bank managers, accused of widespread market manipulation at the former bank, has now reached half way—with yesterday its 11th day.

Today marks a new chapter in the proceedings, with the first witnesses being called to the stand at the Reykjavík District Court. There are expected to be nine witnesses today, and over 60 before the trial ends.

Yesterday in court, Magnús Guðmundsson, former head of Kaupþing Luxembourg, was the seventh of the nine defendants to speak to the court. He is already serving prison time for his part in the Al-Thani case but is this time accused of market manipulation by selling his shares in Kaupþing to three private companies which bought the shares using loans from the bank itself, organized by the defendant. Magnús denies all charges, as do the other eight, RÚV reports.

When speaking to the court, Magnús spent much of his time criticizing how and when the raid was conducted on his Luxembourg home, saying it was a long time after the alleged crimes had taken place, that the police took practically all electrical equipment “except the toaster”—including from his wife and children. He also accused the police of having stolen an unreleased CD by Icelandic singer Bubbi Morthens and Danish singer Pouls Krebs.

He went on to criticize prison conditions, saying the garden is like “a big empty swimming pool”, with high concrete walls and no lawn.

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