From Iceland — 36 Bankers, 96 Years In Jail

36 Bankers, 96 Years In Jail

Published February 7, 2018

Valur Grettisson

Local news outlet Fréttablaðið has calculated that in the past few years the Icelandic judiciary has sentenced 36 bankers to a total of 96 years in prison. All of the criminal cases are linked to the notorious crash of the Icelandic banking system in 2008. 

Eleven of those bankers, who are former employers of Kaupþing, were sentenced to total 35 years in prison, while other seven individuals from Glitnir HoldCo. were sentenced to 25 years. Former employers of Landsbankinn got 13 years in total.

All of the bank directors were sentenced to jail.  Heiðar Már Sigurðsson, former director of Kaupþing, got the heaviest sentence, or seven years in total. Instead, former director of Glitnir Lárus Welding, was sentenced to six years. This could still change, however, for he is still going through trials connected to the financial collapse.

Since the investigation concernig the cases connected to the collapse of the banking system in 2008 is now over, the office of special prosecutor will soon be dissolved, as the office was created specifically to tackle the magnitude of this criminal investigation.

In the photo above you can see: Hreiðar Már Sigurðsson, (to the left) former director of Kaupþing, who got the heaviest sentence. With him is Sigurður Einarsson, wanted by Interpol years ago for a brief period time. The third guy to the right is former President of Iceland Ólafur Ragnar Grímsson.

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