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In reply to the discussion: STOCK MARKET WATCH -- Friday, 15 June 2012 [View all]Demeter
(85,373 posts)7. Iceland Court Sentences Ex-Byr Savings Executives to Jail
http://www.bloomberg.com/news/2012-06-07/iceland-court-sentences-ex-byr-savings-executives-to-jail.html
Byr Savings Bank former Chairman Jon Thorsteinn Jonsson and the lenders ex-Chief Executive Officer Ragnar Zophonias Gudjonsson were today found guilty of fraud and sentenced to four and half years in prison by Icelands Supreme Court.
The court found that the two former executives had used their positions at Byr to grant an 800-million kronur ($6.2 million) loan to Exeter Holdings ehf in 2008 as Icelands financial system was on the brink of collapse.
Proceeds of the loan were used by Exeter to buy Jonssons and Gudjonssons shares in Byr. Exeter guaranteed the loan by putting the Byr shares up as collateral.
In deciding the punishment the Supreme Court took account of the fact that the magnitude of the offences was significant, according to the ruling posted on the Reykjavik- based courts website. Jonssons action relieved him from personal guarantees on loans and Gudjonssons infraction was committed under the auspices of his mandate as Byrs chief executive officer, according to the ruling.
Byr Savings Bank former Chairman Jon Thorsteinn Jonsson and the lenders ex-Chief Executive Officer Ragnar Zophonias Gudjonsson were today found guilty of fraud and sentenced to four and half years in prison by Icelands Supreme Court.
The court found that the two former executives had used their positions at Byr to grant an 800-million kronur ($6.2 million) loan to Exeter Holdings ehf in 2008 as Icelands financial system was on the brink of collapse.
Proceeds of the loan were used by Exeter to buy Jonssons and Gudjonssons shares in Byr. Exeter guaranteed the loan by putting the Byr shares up as collateral.
In deciding the punishment the Supreme Court took account of the fact that the magnitude of the offences was significant, according to the ruling posted on the Reykjavik- based courts website. Jonssons action relieved him from personal guarantees on loans and Gudjonssons infraction was committed under the auspices of his mandate as Byrs chief executive officer, according to the ruling.
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