Magnus Gudmundsson, the former head of Kaupthing Bank in Luxembourg and the current head of Banque Havilland, has also been arrested in connection to the Icelandic Special Prosecutor’s investigation into the banking collapse.
Former Kaupthing CEO Hreidar Mar Sigurdsson was also arrested yesterday.
Magnus Gudmundsson worked for Kaupthing for many years and was a close friend and ally of Hreidar Mar Sigurdsson and former Chair of the Board, Sugurdur Einarsson.
According to Visir.is, both South Iceland prisons are full, meaning that the Kaupthing pair were held at a police station overnight, pending their bail hearing today.
“South Iceland prisons are full,”
Yeah, im sure that is why, ROLF!!
Time will tell
Arrested and detained while awaiting for legal proceeding or bail. Additional burden for the people with free board and lodging while in jail. Before the collasped they were stealing, business malpractice, fraud, embezzled, after the collasped they became parasites TIMABUNDID and enjoy the benefit of the ACT after released. What is the best resolved ? Is penalty without RECOVERY the best or BOTH ? Why ?
Are the laws /legal provisions sufficient with this kind of offenders who bankrupt the entire nation and bleeding them all ? The penalty of 8 years or less is said to be a DETERRENT. Is it ? Think , consider or reconsider as haste is waste or a JOKE.
Sorry but heads have to roll. Build a few more jails if you have to. Firing squads can be useful as well.
That’s how we do it in the US anyway. Boom, bust, arrests, jail time, amnesia. Begin cycle. No one seems that interested in addressing this pattern.
More earlier post on the subject :
http://www.icenews.is/index.php/2010/05/06/former-kaupthing-bank-boss-hreidar-mar-sigurdsson-arrested-in-iceland/
http://www.icenews.is/index.php/2010/05/08/chairman-of-kaupthing-board-keeping-silent/
http://www.icenews.is/index.php/2010/05/11/yet-another-day-of-iceland-banking-arrests/
This is stupid arresting an innocent guy!! He did not do what everybody says!!!!
I have all confidence in Special Prosecutor Ólafur Thór Hauksson and hes team that they are making this charges care fully.
Mary jane said :
>This is stupid arresting an innocent guy!! He did not do what everybody says!!!!
We have the checks and balances here in our legal system.
Every one is innocent until proven guilty and have lost they appeals.
And no firing squads here. That is China.
I do not know the whole story of this issue but I think the cause of many of the banks going bankrupt can be directly attributed to the corrupt bosses. It is almost impossible for the employees to pull-off something so extravagant, except if they resorted to violence or hold-upping.
Fred Homes
Yes, it sounds like these two men still have considerable influence if they avoided being put into prison while awaiting a bail hearing.
The buck always stops at the boss. How could he have managed the bank until it collapsed? What about all the people’s life savings? And the prison ran out of space? Put him in a another prison while you build a bigger one.