From Iceland — Inside Trader Appealing To Human Rights Court

Inside Trader Appealing To Human Rights Court

Published March 2, 2012

A former Ministry of Finance official convicted of insider trading has decided to appeal to the European Court of Human Rights. This appeal will not delay his going to prison.
As reported, former Ministry of Finance manager Baldur Guðlaugsson was, in 2008, privy to a great deal of financial information that the general public did not have. On September 2, 2008, he attended a meeting with the British finance ministry, where Icesave deposits were discussed. On September 17 and 18, he sold his shares in Landsbanki for 192 million ISK.
This resulted in him being charged and convicted with insider trading in both Reykjavík District Court and, after he appealed, in the Supreme Court. He has been sentenced to two years in prison.
However, the matter is apparently not over, as Vísir reports he intends to file charges against the prosecution with the European Court of Human Rights. According to his representing legal team, the law offices of Lex, they believe he was not allowed to introduce evidence that could have helped his case, that he was convicted of a crime for which he was not charged, and that the legal principle of ne bis in idim – wherein no legal action can be instituted twice for the same cause of action – was violated.
The filing of these charges will not prevent Baldur from going to prison. However, if the European Court of Human Rights sides with him, he could be released early if he is still in prison at the time, and restitution will also most likely be instituted – that is, provided the court agrees to hear the case.

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