Iceland’s special banking prosecutor lays first charges

olafur-thor-little1The 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.

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