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Former Icelandic bank executives jailed for fraud - Business - Independent.ie
Former Icelandic bank executives jailed for fraud - Business - Independent.ie
TWO former executives at an Icelandic bank which collapsed in the
2008 financial meltdown were sentenced to jail on Friday for fraud which
led to a €53m loss, in the first major trial of Icelandic bankers
linked to the crisis.
All three of the small North Atlantic
island's top banks collapsed in quick succession in October 2008 due to
big debts incurred during a rapid overseas expansion.
Glitnir was the first to fall after the collapse of Lehman Brothers caused international credit markets to freeze up.
A Reykjavik
court sentenced Glitnir's former chief executive, Larus Welding, and
former head of corporate finance, Gudmundur Hjaltason, each to nine
months in jail, of which six months were suspended for two years. They
had denied the charges.
At least someone is doing it right.
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