Former Landsbanki executives arrested in Iceland

Two former senior Landsbanki executives have been arrested over allegations of market manipulation after a total of seven former Landsbanki employees were called in for questioning last Thursday.

According to the special prosecutor’s office, Sigurjon Arnason, the former chief executive, and Ivar Gudjonsson, former head of corporate finance, have been placed in custody in connection with the investigation into the collapse of Iceland’s banking system.

Olafur Hauksson, the chief prosecutor, who was appointed by the Iceland’s post-crisis government to investigate possible criminal activity leading up to the crash, explained that the two were brought in for questioning and will now remain in custody until January 25th.

The five other Landsbanki executives who were also in for questioning have been released. It is currently not clear why Arnason and Gudjonsson have been detained while the others were free to leave.

Arnason’s co-chief executive, Halldor Kristjansson, who is currently in Canada and due back in Iceland in the next few days, is also wanted for questioning.

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