Former head of Luxembourg's Kaupthing bank jailed for fraud
Three former directors of the collapsed Icelandic bank Kaupthing and its Luxembourg subsidiary were convicted for fraud by a Reykjavik court Thursday and sentenced to between three a half and five and half years in prison.
(AFP) Three former directors of the collapsed Icelandic bank Kaupthing and its Luxembourg subsidiary were convicted for fraud by a Reykjavik court Thursday and sentenced to between three a half and five and half years in prison.
The three men were convicted for hiding the fact that a Qatari investor used money loaned from Kaupthing to buy a 5.1 percent stake in the bank right in the middle of the 2008 financial crisis.
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