Former CEO of the Icelandic bank Kaupthing, Hreidar Már Sigurdsson, was given a 12-day custody sentence in Reykjavík District Court today at the request of the Special Prosecutor’s Office. Magnús Gudmundsson, former director of Kaupthing in Luxembourg, was given a seven-day custody sentence, as stated on ruv.is.
The two former directors of Kaupthing are being held on suspicion of having organized trades worth almost ISK 100 billion (USD 770 million, EUR 600 million) with the purpose of increasing the value of stocks in the bank one month before it collapsed in October 2008, Fréttabladid reports.
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