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Former Icelandic bank bosses jailed Former Icelandic bank bosses jailed
(35 minutes later)
Four former bosses from the Icelandic bank Kaupthing have been sentenced to between three and five years in prison.Four former bosses from the Icelandic bank Kaupthing have been sentenced to between three and five years in prison.
They are the former chief executive, the chairman of the board, one of the majority owners and the chief executive of the Luxembourg branch.They are the former chief executive, the chairman of the board, one of the majority owners and the chief executive of the Luxembourg branch.
The four were accused of concealing the fact that a Qatari investor, who had bought 5.1% of the bank during the financial crisis, had done so with money lent by the bank itself. The four were accused of concealing the fact that a Qatari investor bought a stake in the firm with money lent by the bank itself.
They were also made to pay their own legal costs for the case which amounts to millions of pounds. He bought a 5.1% stake during the financial crisis in 2008.
There were four charges and they all relate to the buying of these shares by Sheikh Al Thani from Qatar.
The prosecutors said this deal had influenced the bank's share price. He also said the loans provided for the deal were illegal.
The four sentenced are Hreidar Mar Sigurdsson the former chief executive, Sigurdur Einarsson, former chairman of the board, Olafur Olafsson, one of the majority owners and Magnus Gudmundsson the former chief executive of the Luxembourg branch.The four sentenced are Hreidar Mar Sigurdsson the former chief executive, Sigurdur Einarsson, former chairman of the board, Olafur Olafsson, one of the majority owners and Magnus Gudmundsson the former chief executive of the Luxembourg branch.
They were also made to pay their own legal costs for the case, which amount to millions of pounds.
There were four charges all relating to the purchase of the shares by Sheikh Al Thani from Qatar.
The prosecutor said the deal had influenced the bank's share price. He also said the loans provided for the deal were illegal.
Kaupthing Singer and Friedlander was the UK arm of Kaupthing Bank - the largest of the Icelandic banks that went into administration in October 2008.Kaupthing Singer and Friedlander was the UK arm of Kaupthing Bank - the largest of the Icelandic banks that went into administration in October 2008.
According to the Icelandic media, the charges state that the deal was done by first depositing a loan from Kaupthing bank into shell companies in the British Virgin Islands.
The money then went from there to a Cypriot based company called Choice, which was owned by Olafsson, Al Thani and Al-Thani's adviser. From there it was moved to another firm called Q Iceland Finance, also owned by Al Thani, and then finally ended up back in the bank to pay for the shares.
It was never publicly stated that the company owned by Olafsson was party to the deal.
Al Thani did not testify but he gave a statement to the prosecutors. In it he said he did not know of any direct involvement by Olafsson to the deal. Al Thani's lawyers, who made an agreement with Kaupthing's administrators, said he considered himself to have been deceived.