From Iceland — Former Bank Manager Told To Pay Billions

Former Bank Manager Told To Pay Billions

Published September 4, 2013

The former co-CEO of Landsbanki has been asked by the Resolution Committee to pay 65 billion ISK in damages.
The committee has been after Sigurjón Þ. Árnasson for some three years, trying to get damages and legal fees from him for his role in the collapse of the bank in 2008. Vísir reports that the case against Sigurjón, which is currently still being process by Reykjavík District Court, is asking in addition that his 300 million ISK salary by cut off.
Sigurður G. Guðjónsson, Sigurjón’s lawyer, objected to the level of damages, saying that his client needs time and money to prepare his case. He added furthermore that his client is innocent, and “is not the one to be paying” for Landsbanki’s downfall.
Páll Benediktsson, a public relations representative for the Resolution Committee, disagreed, saying in part, “The directors of this bank bear responsibility and damaged [the bank] with their business practices. And we’re just trying to get compensation for that.”

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