Iceland

Former Bosses of Icelandic Bank Handed Jail Terms

Accused of concealing that an investor bought a stake with money lent from the bank

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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.

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.

He bought a 5.1% stake during the financial crisis in 2008.