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Iceland send four more bankers to prison

Above on the picture are Sigurður Einarsson and Hreiðar Már ...

To­day, the Supreme Court of Ice­land sen­tenced the four di­rec­tors and own­ers of Kaupthing bank in the Al-Thani case to prison.
Hreiðar Már Sigurðsson, Kaupthing's for­mer chief ex­ec­u­tive, re­ceived a sen­tence of five and a half years, Sigurður Einars­son, for­mer chair­man at Kaupthing, re­ceived a sen­tence of four years and Mag­nús Guðmunds­son, for­mer CEO of Kaupthing Lux­em­bourg, and Óla­fur Ólaf­s­son, who was the bank’s sec­ond largest share­holder at the time, re­ceived a sen­tence of four and a half years. 
The four men were not pre­sent at the trial. 
Sigurðsson was sen­tenced to pay 24,7 mil­lion ISK , Einars­son 14 mil­lion ISK Ólaf­s­son 17,7 mil­lion ISK and Guðmundss­don 20 mil­lion ISK. 
Ini­tially, in the au­tumn of 2008, Q Ice­land Fi­nance, the hold­ing com­pany of Al-Thani, was re­ported to have bought a 5.01 per­cent share in Kaupþing but later it was re­vealed that Kaupþing it­self fi­nanced the ma­jor­ity of the pur­chase.
The case of the Spe­cial Pros­e­cu­tor’s Of­fice against the Kaupþing four opened in Reyk­javík Dis­trict Court in March, 2012. The Dis­trict Court found them guilty of breach of trust and mar­ket abuse in De­cem­ber 2013.

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