The office of Iceland’s Special Prosecutor into the banking crisis, Olafur Th. Hauksson, has brought criminal charges against three men.
The charges are against Jon Thorsteinn Jonsson, the former chairman of the board at BYR savings bank, Ragnar Zophonias Gudjonsson, the savings bank’s former fund manager, and against an un-named third man.
They are being charged with breach of trust over BYR’s lending of money to Exeter Holdings.
These are the first charges brought by the Special Prosecutor and the charges brought could bring prison sentences of up to six years.
“The charges brought could bring prison sentences of up to six years.”
LOL!!!!
It will be tried in front of an Icelandic judge that is likely a friend or distant relative. My guess would likely be more along the lines of “six months probation and not being able to be a director or officer of a company for 2 years”. That is of course assuming that a guilty verdict is reached.