From Iceland — Former Bank Managers Made Mysterious Transfer

Former Bank Managers Made Mysterious Transfer

Published February 10, 2011

It has come to light that the top managers of Landsbanki transfered billions of crowns out of the bank just one day before the banks collapsed in 2008.
RÚV reports that the resolution committee that is overseeing affairs at Landsbanki has sent a letter to four of the people who sat on the bank’s directorship board at the time – Kjartan Gunnarsson, Andri Sveinsson, Svafa Grönfelt and Þorgeir Baldursson – asking for an explanation behind some strange financial activity that took place on 6 October 2008, a day before the bank collapsed. Two managers, Halldór Kristjánsson and Sigurjón Þ. Árnason, have received the same request.
According to the letter, about 34 billion ISK in all was transferred out of Landsbanki and into funds at Landsvaka, Straumur and MP Bank on the day in question. No apparent reason stands behind the transfer, and the resolution committee has asked for clarification from those involved.
The resolution committee is working closely with the special prosecutor to fully investigate internal banking activity in the time leading up to the crash. Should the directors implicated have no acceptable explanation for the transfers, they may be asked to pay the money back out of pocket, at least in part.

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