From Iceland — Former Landsbanki Executive Arrested

Former Landsbanki Executive Arrested

Published January 14, 2011

Sigurjón Árnason (second from the left), the former chief executive of Landsbanki, was arrested late last night and is now in police custody, facing multiple charges of market manipulation.
The special prosecutor had Sigurjón arrested and brought before a judge shortly before midnight last night. After spending the night in jail, he will remain in custody until at least 25 January, pending further questioning and possibly a trial.
The charges facing Sigurjón concern stocks purchased by Landsbanki, their sale, and loans the bank made to associates. Ólafur Þ. Hauksson, the special prosecutor, has told reporters that the investigation will focus on whether or not these activities broke laws concerning trading and securities.
Other former Landsbanki officials have also been investigated and will likely be brought in for questioning shortly. The special prosecutor may also issue more search warrants for their offices or homes.

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