The Supreme Court of Iceland has upheld the Reykjavik District Court decision not to stop the Special Prosecutor’s investigation into former government secretary Baldur Gudlaugsson.
Gudlaugsson had hoped the court would force the investigation into the sale of his Landsbanki shares immediately before the crash to stop. Iceland’s FME financial regulator had previously informed Gudlaugsson that the investigation had ceased; but the Special Prosecutor into the banking collapse continued looking into the matter.
The court judgement indicated that the investigation can continue because the FME closure notice included the clause that the investigation could continue if new evidence or information came to light.
Previous IceNews coverage of this case can be seen here.
Why is there any legal debate about this…look in any normal western society the guy would be in jail by now..things like this just enforces the fact that Iceland is controlled by a few for a few…
>in any normal western society the guy would be in jail by now
As said before when countries like the UK where the misdeed of bankers and the HM Treausury has not even resulted in any investigations started.. do act..
..then those criticizing fact that Icelandic prosecutors and commitee members are making a thorough job of investigations can bring forward their point with some force.
Until then though, they should think before they do post here from they fictional high horse.
Well, if I read Mladen hosi’s commetn I wonder of what “normal western society” he is talking about. In how many “western societies” are any in the crisis involved people in jail right now? or even prosecuted? As i see it right now little Iceland is the only country who has a serious action taken to investiogate what happened and have brough forward caees to court. But as a “westrn society”, we can not just lock people up, even if it seems the morally right thing to do. i agree with Mladen, that more poeple shold be in jail. but laws are laws and they are even to be up-hold for crooks, criminals and abd peopel…especially for bad people, as this is what a society based on law is all about. Treat everybody as innocent until he is proven guily beyond any doubt! that way of life is wehat separates us from governing by tyranny and/or dictatorship.
Sometimes it take a long time and is frustrating, but that’s the way we have to go.
It is amazing that of the horrible expense scandal in the UK has only reported in charges of *three * British MPs and one Lord for false accounting.
If it was not for the efforts of Heather Brooke’s High Court Case and this UK organisation there would have been no exposing of the criminal actions of them :
http://www.sunlight-cops.org.uk
Latest is that Mr Gordon Brown has been lying about his secret personal politrical slush fund. UK is to my mind one example of ” normal western society “.
If this is ” normal western society ” I am glad that Iceland is different. Our standards are higher.
And yes we do shoot dangerous Polar Bears.
Good for the Icelanders!
Eva Joly is helping to flesh out the oligarchs who trashed their own country’s economy and hopefully retribution and penalties will follow them all their days.
Here in the U.S., all we got for our multi-billion $$$ bailouts of the Insurance/Banking industries were huge bonuses paid to the self same “Masters of the Universe” who ran things into the ground. If only we could punish them here.
Sadly, it won’t happen. But Iceland may show the way forward to snatching their country back from the cold hands of the greedy few.
Good luck!
This thread is surreal. It’s a case of insider trading and talking about it should not be construed as an attack on the “specialness” of Iceland.
An example of “normal Western society” (in this case the US):
Examples of insider trading cases that have been brought by the SEC are cases against:
[...]
Government employees who learned of such information because of their employment by the government
http://www.sec.gov/answers/insider.htm
Really, Fisy, is there anything that you won’t sanction? Presumably it depends on the person’s party affiliation, as I imagine you’d have had Steigrimur up against the wall alongside that bear if he was involved.
And how you kept a straight face with that standards comment, I’ll never know :) .
YES! I, Gummi, agree with Fisy 100,000%! Iceland is HIGHLY special! It is unique! Our standards are without peer! This is why envious foreigners wish us harm. They envy our beauty, our ethics, our high moral standards. Patience please. Government investigation will take 3 years or maybe longer, owing to out uncompromising moral standards. In the interim I Gummi shall reside overseas (just in case), returning as soon as the investigation is ended. Or the statute of limitations expires, whichever comes first. Fisy, you can join me in voluntary exile. I have a suite at the Four Seasons Bangkok.
Afram Island!
Gummi
Fisy writes: “…they should think before they do post here from they fictional high horse.”
Well said Fishy! I warn you, envious foreigners – do not lecture us from your fictional high horse!
Our fictional high horse is much more fictional than yours. And like our standards also much higher.
Afram!
Gummi!
Maybe if everybody got off their fictional high horses using their fictional ladders and got down to some proper, constructive (and fair) negotiating, everybody would be a lot better off. I don’t actually think any off the parties in this dispute/situation have much claim to the moral high ground!
Gummi LOL !!
Fisy, please stop about these ‘ high standards’, come on…
Even though I have to admit that these outbound vikings, David Oddson and the whole clique have given a shining example to the whole world of their incredibly high standards.
“Iceland is the only country who has a serious action taken to investiogate what happened and have brough forward caees to court”
My God, you must live on a different planet! Cases of banking fraud, insider trading, etc are brought continuously in the US, UK, etc. The prosecutions and convictions don’t make the mainstream news (unless it’s someone like Madoff) because it’s a normal ongoing part of the regulatory and legal process.
You comment is like saying only Iceland has McDonald’s restaurants…
Hope that the Special Prosecutors will stand by their Standard Code of Ethics. Hopefully, the implementation of juctice is not only for the small and poor but also implementation for the giant and the rich. Often the giant and the rich is not seen by Lady Justice who is one eyed jack but hopefully, the Special Prosecutors at vantage point will target them. Let justice prevail.
First mistake, “…have brought forward cases to court” – this has not happened, at least not yet.
Second mistake, “Special Prosecutors will stand by their Standard Code of Ethics.” This is Iceland and as with many things nothing is written down. So, I question if there is an unwritten or a written Standard Code of Ethics”. Based upon the last several years my guess is not written (or even whispered about).
Can anybody remember to who the Special Prosecutor is related. Was it a judge, a banker or a MP? We were discussing at work and we could not remember.
Can anybody remember to who the Special Prosecutor is related. Was it a judge, a banker or a MP? We were discussing at work and we could not remember.
Actually, I thought his lack of connections was his main qualification. But there may have been more detail in the Icelandic media.
Brumley wrote :
>It’s a case of insider trading and talking about it should not be construed as an attack on the “specialness” of Iceland.
I agree. The case itself is perfectly reasonable to be put in front of court, evidence presneted for prosectution and defence and then judge ruling.
Until convicted this are allegations.
>Why is there any legal debate about this…look in any normal western society the guy would be in jail by now
I object to these kind of statements that are made to often on these boards, in this time by Mladen Hosi.
Mistaking a legal and prosecution system that is working impartially and thorougly ( Iceland’s ) with one where people are just put into preventative detention before trial for crimes that are not against a person ( the ones based on Napoleon ) the so called ” victimless crime ” is offensive.
I do wonder if any one that does post here for example does truly understand what Eva Joly does about investigations ? And how they should be done.
Justice not only need to be done but seen to be done. That means gaining the evidence and forming the charges throughly so that when the case goes to the judge time is not wasted on sloppy witch hunting.
That the accused chooses to appeal to courts is his right. Such rights are there as check and balance on abuse of prosecuturial power.
As you can see the supreme court did rule that this will go to court. ( Providing evidence does call for it. )
Again, how is the legal and prosecution system that is working impartially and thorougly in this case to be criticised because it is against the standards of Western nations ?
This is exactly the bed rock of the values that such nations do hold dear.
I did write :
>Our standards are higher.
Yes we hold our elected and appointed public servants to higher level of behavior than most other of western nations.
Take the UK for example, the current crop MPs were held to a lower level than normal people as the Fees Office did allow things to be done that would be criminal for a normal person to do.
And even when the scrutiny is as high as it is here in Iceland only three 3 of those British MPs is to be charged with a crime ?
We have the opposite. When an elected or appointed public servant does some thing that is not clearly prima facie illegal but looks like an abuse of they position in our laws they are punished more harshly for it than in the UK for example.
You will notice that UK posters have for example a long history here of ignoring this aspect and specific trying to discourage comparison in these regards between Iceland and UK.
Reason being they know that they will find an unfarouvable comparison betwen Iceland and the other country.
“Can anybody remember to who the Special Prosecutor is related. Was it a judge, a banker or a MP?”
Valtýr Sigurðsson is still Iceland’s State Prosecutor and he is the father of Sigurður Valtýsson, who is suspected of regulatory violations (transferring his debts and shares in Exista to offshore companies registered just before the bank collapse). The Special Prosecutor has no relations involved the bank collapse, but also no relevant skills or experience of dealing with the bank collapse. Ho hum…
You got the wrong end of the stick Fisy. Mladen was merely pointing out that, in this case, the trial should have already taken place and the guy in jail by now. No need for a special prosecutor in this case – the normal process should be sufficient.
It’s not like it’s a complicated matter of following the money, just a case of proving that insider trading took place on that one sale.
As to UK posters having some history of ignoring harsh punishment of Icelandic politicians, I must have missed that. Care to give those examples of Icelandic politicians who have been punished for bad behaviour?
This is a dispute over the remit and scope of the special prosecutors role. The judge has ruled that she can continue investigating. This seems to me to be a sign of a well organized legal system. Some financial dealings are very complex and the cases can take a long time to assemble, to ensure a good chance of successful prosecution.
It is quite irrelevent to compare different legal systems.
For the record: the behaviour of British MPs and their expense claims has been quite disgraceful. Several are being prosecuted, others will not be allowed to stand again in the next election. They have done a great deal of damage to an ancient institution which will take some time to regain it’s prestige. I agree that public servants, and that includes elected politicians, should be held to the highest standards. It doen’t matter which parliament they are in.
Am I missing something here,
is it normal practice in other countries that a person accused of insider trading be brought to court before an investigation is complete?
The special prosecutor in Iceland is demonstrably determined to investigate the matter, thwarting the efforts of the person under investigation not to be investigated.
Is any other comment appropriate?
How are the investigations going in the UK and in Ireland about the collapse of their banks/banking system?
No investigation yet in Ireland.
In the UK an investigation into the banking sector was done by the FSA,
even before their investigation the FSA (Financial Services Authority) suggested quite an astonishing admission of prejudice before it began.
‘While the FSA has suggested it does not believe any criminal wrongdoing will be unearthed by the investigation there are concerns as to exactly what happened and who exactly was to blame.’
Maybe once Iceland’s intrepid special investigator has completed his unprecedented multi task – (almost) one man band investigation – he can lend his acquired valuable experience to other countries.